I wonder if Fiat will try and take their back-door route for Saab a little harder now?
From AFP:
Canadian auto parts maker Magna is in pole position in the race to take over struggling General Motor’s German subsidiary Opel, a key local politician said Friday.
Magna’s offer “responds best to the needs” of the public authorities and the workers, said Roland Koch, premier of the state of Hesse, where Opel’s headquarters are situated.
On the other hand, Italian giant Fiat’s bid is “a long way” from what authorities had hoped for, Koch said.
The third bidder in the race, RHJ International, whose main shareholder is the founder of the US investment fund Ripplewood, has placed a “very interesting” offer, he added…..
……Magna and RHJ were expected to ask for five billion euros (seven billion dollars) in guarantees while Fiat was reported to be requesting seven billion euros.
The Canadian firm is also the candidate preferred by GM, according to press reports.
It’s starting to look like all FIAT’s Sergio Marchionne managed to achieve was to get his name in the press a lot.
He’s missed the boat on Saab and now it looks like missed the boat on Opel.
Oh well, at least he got Chrysler.
Pffft.
It sounds like the deal for Opel could be decided really soon. They’ve only received bids in the last few days and the government are talking about making a preliminary decision possibly as early as today.
Saab have had their three bidders in place since early last week – almost a full two weeks ago – and we’re still waiting.
There must be an announcement coming soon, right?
Thanks Gregg!
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