Fiat Chrysler (FCAU) Stock Down, Chairman Wants Industry Consolidation

NEW YORK (TheStreet) -- Fiat Chrysler Automobiles (FCAU - Get Report) stock is declining 0.33% to $7.61 in afternoon trading Thursday after Chairman John Elkann said the company could save billions of dollars if it merged with a large automaker.

If Fiat Chrysler merged with one of the "big guys" from the auto industry, the savings could exceed $10 billion a year, Elkann said in a letter to shareholders of the investment company Exor (EXORF), which holds a controlling stake in the auto company, Bloomberg reports.

"But you need two to tango, and most of our competitors are busy with the great...