Fiat CEO Sergio Marchionne is trying to convince General Motors and the German government that Opel will be better off with his "no-cash, no-debt" deal than a rival proposal that includes a one-time injection of money. Fiat S.p.A.
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Germany will decide on a preferred bidder for General Motors unit Opel by the middle of the week, after holding a final round of talks with suitors Fiat, Magna International and RHJ.
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The German government will likely settle on a preferred bidder for General Motors' Opel unit by the middle of the week, Chancellor Angela Merkel's spokesman said on Monday.
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The German government will likely settle on a preferred bidder for General Motors' Opel unit by the middle of the week, Chancellor Angela Merkel's spokesman said on Monday.
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General Motors' Opel unit could go bankrupt but this would be the worst possible scenario, the heads of North-Rhine-Westphalia and Opel's home state of Hesse said on Monday.
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General Motors' Opel unit could go bankrupt but this would be the worst possible scenario, the premiers of North-Rhine-Westphalia and Opel's home state of Hesse said on Monday.
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Magna International and Fiat have improved their offers for General Motors unit Opel ahead of a crucial week in which the German government is expected to decide which bid it supports.
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Magna International and Fiat have improved their offers for General Motors unit Opel ahead of a crucial week in which the German government is expected to decide which bid it supports.
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Magna International and Fiat have improved their offers for General Motors unit Opel ahead of a crucial week in which the German government is expected to decide which bid it supports.
Full story...
Magna International and Fiat have improved their offers for General Motors unit Opel ahead of a crucial week in which the German government is expected to decide which bid it supports.
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Bids from companies vying for control of German carmaker Opel have so far proved unsatisfactory, German Economy Minister Karl Theodor zu Guttenberg was quoted as saying on Sunday.
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German Economy Minister Karl-Theodor zu Guttenberg said Fiat had improved its bid for General Motors' Opel unit and said other bidders may be willing to sweeten their offers as well.
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Fiat S.p.A. has improved its bid for General Motors' Opel unit and said other bidders may be willing to sweeten their offers as well, German Economy Minister Karl-Theodor zu Guttenberg said.
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Opel's European labor leaders voiced their outrage at possible plans from bidder Magna International that foresee harsh job cuts and plant closures, opening up a potential gulf with the Austrian-Canadian auto parts supplier.
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Opel's European labor leaders voiced their outrage at possible plans from bidder Magna International that foresee harsh job cuts and plant closures, opening up a potential gulf with the Austrian-Canadian auto parts supplier.
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Fiat has said in an official statement that if it acquires Opel, job losses in Europe will be up to 10,000.
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Fiat S.p.A. CEO Sergio Marchionne said the outcome of his company's bid for General Motors' Opel unit was complicated by imminent German elections and it was difficult to say whether Fiat would be successful. "It's hard to say how it will end up.
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Germany's government and local states prefer the Magna bid to take over Opel, a key local official was quoted as saying after talks on the deal in Berlin on Friday.
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The German state of North Rhine-Westphalia cannot agree to Magna International's current plan for Opel, given the planned job cuts, the state premier said on Friday.
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Fiat and Magna are serious bidders for Opel and there are few other credible offers on the table, Global Insight analyst Tim Urquhart said in a research note on Friday.
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