Fiat in frame as GM prepares to sell Opel
Nine o'Clock - 24 Aprilie 2009
Struggling U.S. carmaker General Motors Corp appeared set for a deal next week to offload a majority stake in its German unit Opel, having found a buyer in Italy's Fiat SpA, among others.
Opel's works council head told German news agency dpa on Thursday that Fiat was poised to take over Opel, confirming a report by German magazine Spiegel Online that said Fiat would sign a letter of intent next Tuesday. GM is also in talks to offload an Opel stake to Magna Steyr, a unit of Canadian autoparts maker, Spiegel Online reported without citing sources.
But it said the U.S. car maker and Germany's economy ministry preferred a deal with Fiat. GM needs to sell a big stake in Opel to get 3.3 billion euros in loan guarantees from the German government to rescue the troubled unit.Fiat Chairman Luca Cordero de Montezemolo denied last week any interest in Opel, despite a growing number of press reports citing the Italian car maker as possible buyer.Fiat is also in partnership talks with another troubled U.S. group, Chrysler LLC . The Italian company is trying to win the support of the U.S. car maker's creditors and unions to close a deal by an April 30 deadline imposed by the U.S. government.
Sursa: http://www.nineoclock.ro
Tags: opel
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