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Fiat rebuffs report of Peugeot talks, shares pare gains

Reuters - UK Focus

MILAN/LONDON, July 24 (Reuters) - Italy's Fiat rebuffed a Financial Times report that said the carmaker had held talks with France's PSA Peugeot-Citroen over a possible merger.

"There are no talks between us and Peugeot (Paris: FR0000121501 - news) ," a Fiat spokesman said, while Peugeot declined to comment.

Shares (Frankfurt: DI6.F - news) in Fiat and Peugeot, which had been up around 3 percent after the report's publication on Thursday, pared gains after Fiat's denial. Traders cited the report as a reason for the earlier gains.

At 1445 GMT, Fiat was up 1.6 percent and Peugeot was up 1.3 percent. (Reporting by Agnieszka Flak in Milan and Francesco Canepa in London; Additional reporting by Gilles Guillaume and Laurence Frost in Paris; Editing by Lionel Laurent)