Europe Auto Shake-up Llooms, Porsche Sale Debated
2009-05-19 Source：internet
Summarize：A RADICAL overhaul of the car industry moved a step closer today as Fiat's CEO prepared to pitch a bid for Opel to Germany's leaders as part of a planned takeover of General Motors' European assets ...
A RADICAL overhaul of the car industry moved a step closer today as Fiat's CEO prepared to pitch a bid for Opel to Germany's leaders as part of a planned takeover of General Motors' European assets.
As debate over the ownership of another Germany-based carmaker, Porsche, intensified, Sergio Marchionne sought government support for an ambitious plan to swallow up GM's European operations, less than a week after he secured a partnership deal with struggling U.S. automaker Chrysler LLC.
Fiat said in a statement yesterday that it could seek a merger of its auto group with GM's European unit, then spin off and list the combined entity, which it said would have sales of around 80 billion euros (US$106.3 billion) annually.
Fiat's board met yesterday to review the deal the Italian automaker secured with Chrysler last week and to give Marchionne its backing to go after Opel.
The CEO told the Financial Times today that he wanted a deal with Opel by the end of the month.
Fiat shares rose 7 percent by 0935 GMT, but an analyst questioned whether either the Italian or German governments would have the stomach to digest the huge job losses the combination would entail.
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