Fiat Chrysler Automobiles (FCA) just can’t seem to catch a break lately. Rumor has it that negotiations between FCA and Samsung Electronics over the sale of Magneti Marelli have halted as Samsung scrambles to fix issues with its Galaxy Note 7 smartphone, once again obstructing FCA’s plans to reduce its debt and raise some much needed capital.
That’s the latest from Automotive News, which cites unnamed sources familiar with the deal.
Magneti Marelli is an Italian auto parts producer that was founded in 1919 and has been part of Fiat since 1967. Samsung was reportedly on its way to buying some or even all of the company, with some estimates placing the deal at around $3 billion.
However, according to Automotive News, Samsung and FCA have yet to agree on a valuation or even a deal structure for the sale of Magneti Marelli. With Samsung now under fire with a massive recall of one its most important products, it’s looking less likely that a deal between FCA and the tech producer will be found before the end of the year.
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