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A giant in the Chinese automotive world stepped up Monday and announced it is the one interested in purchasing the Jeep brand from Fiat Chrysler Automobiles, and is trying to see if a deal can be negotiated.

You may remember last week’s report that an unidentified China automaker recently made a bid for FCA. However Great Wall Motor Co., China’s largest SUV and truck manufacturer, made it official in an email to The Automotive News, saying it was interested in pursuing Jeep, but would also entertain buying the entire company if needed.

"With respect to this case, we currently have an intention to acquire," a statement from Great Wall said on Monday. "We are interested in [FCA]."

In response, FCA released a notice saying it “has not been approached by Great Wall Motors in connection with the Jeep brand or any other matter relating to the business."

Many analysts say it is no surprise Great Wall, or any other potential buyer, would only target Jeep from FCA’s automotive stable. The brand is easily the top selling segment for FCA, and Morgan Stanley recently valued it ahead of the entire FCA lineup – putting Jeep’s value at $33.5 billion to the company’s $32 billion.

But, while such a deal would give Great Wall more than just a foothold in the US automotive market, it would also face intense governmental scrutiny from an administration that has recently stepped up attacks against China on trade issues.

It could potentially also set off a global bidding war as other suitors, wary about purchasing FCA entirely, could enter the race to own Jeep by itself. This may include GM which has been hunting for a replacement to its defunct Hummer brand.

In addition, both companies would have to figure out what to about Guangzhou Automobile Group Co, which currently manufacturers and markets Jeep in China for FCA. That partner has said it doesn’t have plans at present to buy the SUV brand.

For Great Wall though, successfully acquiring Jeep could fast track plans by its billionare Chairman Wei Jianjun to steer the SUV maker to sell pricier and more profitable models. A deal for Jeep would put Great Wall on a similar path as Zhejiang Geely Holding Group Co., which bought Sweden’s Volvo Cars and recently sealed a majority stake purchase of the owner of Lotus, the British sports-car brand.

If Great Wall follows the same playbook Geely Auto used when investing in Volvo, it could turn Jeep into one of the most powerful brands in the world. Geely invested piles of money into its new subsidiary and gave management the freedom to reinvent the brand. Because of this, Volvo has been launching serious, sophisticatedly-styled vehicles with technology that pushes the brand forward.

"We are deeply interested in the Jeep brand and have paid close attention to it for a long time," said Great Wall spokesman Xu Hui. "Our strategic goal is to become the world's largest SUV maker. Acquiring Jeep, a global SUV brand, would enable us to achieve our goal sooner and better" than Great Wall could do with its own brands.

While Great Wall generates less annual revenue than FCA, about $14.76 billion vs. $131 billion, Hui said the company does feel confident it could raise funds to make an acquisition occur.

Fiat Chrysler CEO Sergio Marchionne has repeatedly said the company is for sale and cannot compete globally without finding a bigger partner due to the high costs of developing and marketing vehicles. He has approached both GM and Volkswagen for a partnership, but was rebuffed both times.

Speaking with analysts last month, Marchionne made the case Jeep still hasn't begun to touch the top of its true global potential.

"If there is one brand out there that has the right to claim the ability to have one out of five — 20 percent of that [global] market belong to it — it's Jeep," Marchionne said.

Great Wall has been open about its global ambitions for years, but it has made relatively little headway outside China. When the automaker launched Haval, a new brand for its SUV range, in 2013, “it wanted Haval to be another Jeep, and to be the number one SUV brand in the world,” said Yale Zhang, head of Shanghai-based consultancy group Automotive Foresight. "So Jeep is the most logical choice. The Jeep brand is recognized globally, and I think Great Wall Motor is eyeing a global strategy, not just the United States."

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