Fiat Chrysler Automobiles CEO Sergio Marchionne has apparently given up his quest to merge with General Motors.

Fiat Chrysler Automobiles CEO Sergio Marchionne has apparently given up his quest to merge with General Motors.

While there have been rumors that Marchionne was exploring the option of using activist investors to force a merger, the executive told the New York Times “I was rebuffed once, and I won’t go back to get my nose bloodied a second time."  Marchionne went on to he still believes the auto industry needs to consolidate but they are no longer actively seeking a partner to merge with.

The CEO went on to say that an in event of a merger there wouldn't be massive job cuts at this isn't a "slash-and-burn strategy."

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Sergio Marchionne gives up on a GM merger