Marchionne keeps ACEA presidency after VW spat

PARIS (Reuters) - Sergio Marchionne, president of European carmakers' association ACEA, said he had not resigned that role at a board meeting on Friday after calls by German automaker Volkswagen for him to go.

Marchionne's repeated calls for co-ordinated production capacity cuts to help alleviate Europe's car market crisis have highlighted a division between Europe's money-losing mass market carmakers, including Fiat , of which Marchionne is chief executive, and their better-performing German rivals.

A sparring match between Marchionne and Volkswagen began with remarks Marchionne made in a newspaper interview about the German carmaker.

Marchionne said after the board meeting at the Paris auto show: "We're good friends," referring to Volkswagen Chief Executive Martin Winterkorn, as they embraced for a photo.

Marchionne said on Thursday he would be prepared to resign from ACEA if he lost support of the board. He told Reuters late on Thursday he was not expecting any "fireworks", however.

Marchionne suggested in a New York Times interview in July that Volkswagen was undercutting competitors by engaging in a price war in Europe, where manufacturers are struggling, leading to a call by Volkswagen for Marchionne to resign from his ACEA role.

(Reporting by Jennifer Clark; Editing by Helen Massy-Beresford and Elaine Hardcastle)

(helen.beresford@thomsonreuters.com; +44 207 542 3112; Reuters Messaging: helen.beresford.thomsonreuters.com@reuters.net)

Source: http://news.yahoo.com/marchionne-keeps-acea-presidency-vw-spat-072019337--finance.html

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