According to reports from Europe, Korea’s Samsung is negotiating with Fiat Chrysler Automobiles (FCA) to purchase the Italian electronics giant Magneti Marelli.
In what is reported to be Samsung’s largest acquisition outside Korea, the deal is said to be worth $US3-billion.
Automotive News Europe claims Samsung is particularly interested in Magneti Marelli’s lighting, in-car entertainment and Telematics technology.
Samsung is the world leader in smartphones and is the largest producer of televisions and memory chips, however the company’s second-generation Chairman Lee Jae Yong has been working to reduce the company’s dependence on consumer electronics and a shift into the automobile business mirrors moves from other technology companies.
Last month Samsung also invested $451 million to purchase a slice of Chinese electric car giant BYD.
For four years Mr Lee has been a director of Exor which is the controlling shareholder of Fiat Chrysler.
Samsung’s interest in Magneti Marelli is logical with the advanced electronics flourishing in new cars also attracting moves from Apple, Google and Baidu.
In fact Fiat Chrysler was the first automotive company to ink a deal with Google for autonomous driving technology.
As we know Apple is said to be working on its own automotive project so it seems rivalry between the American tech giant and Korea’s largest may just be entering an intense new chapter.