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Old 05-04-2009, 02:53 AM   #1
AVANTI R5
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Default Fiat explores merger with GM Europe

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GM declined to comment. A spokesman said, "GM officials routinely discuss issues of mutual interest with other automakers. As a policy, we do not confirm or comment publicly on those private discussions, which in many cases do not lead anywhere."

But the U.S. automaker has said it is seeking outside investors to take part or possible all of Adam Opel, the German carmaker that is the core of its European operations.
According to a source familiar with the negotiations, Fiat Chief Executive Sergio Marchionne recently contacted General Motors Corp. President and Chief Executive Fritz Henderson about a possible cooperation.

Fiat signed accords last Thursday to form a global alliance with Chrysler and take a stake in the Auburn Hills automaker, which filed for bankruptcy in New York.

Marchionne's strategy is to line up partners for Fiat's auto operations to create a group with sales of between 5 million and 6 million cars and trucks, or more than double Fiat's current sales.

Italy's Fiat SpA said Sunday that its board was willing to explore a possible merger between the Italian company's auto activities, including its interest in Chrysler, and General Motors Europe to create a new company.

"Such a transaction would result in the creation of an automotive group with approximately 80 billion euros (around $105 billion) in annual revenues," Fiat said in a statement following a meeting of the Italian automaker's board.
http://www.detnews.com/article/20090...327/1148/rss25
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Old 05-04-2009, 02:58 AM   #2
AVANTI R5
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Default Fiat eyes combined Chrysler, Opel company

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ROME - Fiat Group SpA confirmed Sunday it was in talks to acquire General Motor’s European operations with the aim of possibly creating a new company to also include its newly acquired Chrysler automaker. Combined, the new automaker would have euro80 billion ($105 billion) in annual revenues, Fiat said in a statement.

Fiat said it was evaluating the possible spinoff of its auto business to form the core of the new company. Fiat Group Automobiles includes the Fiat, Alfa Romeo and Ferrari brandsThe statement was issued on the eve of a meeting in Berlin between Fiat Group CEO Sergio Marchionne and the German economy and foreign ministers to discuss Fiat’s offer for GM’s German unit, Opel. GM Europe also includes the British company Vauxhall and the Swedish carmaker Saab.

GM has been trying to find investors for its noncore and unprofitable assets as part of a restructuring in which it has sought billions of dollars in aid from the U.S. government to avert collapse.

Opel has said it needs euro3.3 billion ($4.3 billion) to get through the economic crisis. The German government has said it doesn’t foresee giving direct state aid. Chancellor Angela Merkel has suggested the government could help an Opel investor with loan guarantees.

Fiat said that over the next few weeks, Marchionne will be looking “to assess the viability of a merger of the activities of Fiat Group Automobiles (including the interest in Chrysler) and General Motors Europe into a new company.”

“As part of this process, the group would evaluate several corporate structures, including the potential spinoff of Fiat Group Automobiles and the subsequent listing of a new company which combines those activities with the activities of General Motors Europe.”

In an interview Sunday with Corriere della Sera, Fiat Chairman Luca Cordero di Montezemolo called GM’s Opel an “ideal partner” and a possible takeover by Fiat an “extraordinary opportunity.”

Fiat is not the only suitor for Opel, however. Last week, Canadian car parts maker Magna International Inc. presented German Economy Minister Karl-Theodor zu Guttenberg with what the minister called a “rough concept for a commitment with Opel.”

Guttenberg has said the German government would wait to determine its role in any full or partial Opel sale until after the U.S. government had weighed in.

Fiat, meanwhile, has pressed ahead with a takeover of Chrysler, with attorneys for the U.S. auto manufacturer saying the company would file a motion to sell substantially all of its assets to the Italian automaker.

In addition to Fiat Group Automobiles, the Fiat Group also includes its agricultural vehicles branch CNH and its Iveco trucking unit, as well as a media arm.
http://www.msnbc.msn.com/id/30547564/
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