Fiat in talks to take over GM’s European operations
Monday 4th May 2009, 9:28AM BST.
Italian car maker Fiat is in talks to take over the European operations of ailing General Motors which would see it takeover the Vauxhall and Opel brands.
The maker of the Ferrari, Maserati and Alfa Romeo cars has also declared an interest in bankrupt Chrysler’s US operations.
In an interview with the Financial Times, Fiat chief executive Sergio Marchionne said he had plans to separate his existing car divisions and merge the complementary automobile businesses being taken over into a new firm.
A new company comprising Fiat and GM’s European operations would then be publicly traded in what would be a massive shake up of the European car industry.
Speaking about the plans, Mr Marchionne told the paper: “From an engineering and industrial point of view, this is a marriage made in heaven.”
Last week, Chrysler was declared bankrupt as the company failed to convince the US government that it could restructure itself.
General Motors’ American operations face a similar deadline for restructuring of June 1st.
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