John Elkann, Chairman of Fiat Chrysler Automobiles N.V. (NYSE:FCAU) is in talks to buy GEDI Gruppo Editoriale S.p.A. (BIT:GEDI). Elkann is looking to acquire a controlling stake from the De Benedetti family, whose holding company Compagnie Industriali Riunite S.p.A. (BIT:CIR) was due to meet to discuss the possible deal. Shares in CIR rose 2.8% by 9:08 a.m. in Milan.

GEDI shares were suspended from trading. If Exor agrees to buy the 44% of GEDI owned by CIR it will be forced to bid for the rest. At the end of the process, one of the options would be to delist the company, people familiar with the situation said.