April 26, 2024

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[THE INVESTOR] Samsung Electronics Vice Chairman Lee Jae-yong plans to attend the upcoming board meeting of Exor SpA, the controlling shareholder of Fiat Chrysler Automobiles, on Aug. 29, according to industry sources on Aug. 26.

His trip comes amid market speculation the Korean tech giant is in talks with Fiat to acquire the carmaker’s auto parts-maker Magneti Marelli as the company pushes to reenter the auto business. 

Samsung Electronics Vice Chairman Lee Jae-yong

Keen attention is being paid to the planned trip, during which Lee could finish the ongoing talks even though Samsung has not yet confirmed the deal, saying it doesn’t respond to market rumors.

The Samsung heir has been a director of Exor since 2012. He has also held separate meetings with CEOs of Fiat-owned brands on the sidelines of the board meetings.

Samsung is said to be particularly interested in Magneti Marelli’s lighting, in-car entertainment and telematics technologies. Its key affiliates such as Samsung Display and Samsung Electro-Mechanics have already partnered with Fiat on automotive displays and camera sensors.

The deal could be worth more than US$3 billion, the biggest-ever deal for Samsung outside its home turf.

By Lee Ji-yoon (jylee@heraldcorp.com)