Canadian auto parts maker Magna, which had provided what some considered the most attractive offer for Chrysler less than two years ago, has now reached an agreement with General Motors to buy GM Europe (Opel and, in England, Vauxhall). The deal must be approved by Germany, which will be providing over $1.4 billion in loans [...]
Stung by German government criticism of FIat’s offer for GM’s struggling European brands, Fiat (and soon to be Chrysler) CEO Sergio Marchionne was quick to respond.
In an interview with The Economist, Marchionne said, “I’m offering the German government a car business that will be effectively debt-free and I will take on Opel’s liabilities, including pensions. [...]
A Fiat spokesman confirmed that Sergio Marchionne, CEO of Fiat Group, will head Chrysler when it leaves bankruptcy, most likely in May or June; he is also working on taking over Opel, Saab, and Vauxhall.
Marchionne is a dual Canadian and Italian citizen, who has stated his goal as creating the world’s second largest automaker (and supplanting [...]
Fiat has answered the question of how the company planned to finance its takeover of Opel at the same time it would presumably need to invest funds into Chrysler. The company now plans to take over GM Europe and create a new corporation, which would be listed on a yet-unspecified stock exchange, combining Fiat, Opel, [...]
Fiat SpA confirmed today that it is talking to General Motors Europe (GME) about acquiring GME’s troubled European operations. The Italian automaker wants Opel, Saab and Vauxhall to assemble an automotive operation large enough to be competitive in the future world market. Fiat CEO Sergio Marchionne has said an automaker needs to be able to [...]
Detroit News carried a surprise article claiming that Fiat has publicly stated it’s board’s desire to create a new company which would include Chrysler, GM’s European holdings (Opel and Vauxhall), and Fiat itself. This would result in an auto company producing over $100 billion in sales per year. The Fiat Group would spin off Fiat [...]
Klaus Franz, works council chairman and deputy chairman of the supervisory board of Adam Opel AG, told the German press agency DPA the Fiat SpA plans to take a controlling interest in GM’s European brands. GM want to split off its Opel and Vauxhall lines and is looking for someone willing to make an investment.
Both [...]
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