If you’re taking an interest in the mergers and acquisitions world for the first time – like me – then it’s really intriguing how all these things work.
Last week, stories ran around the world saying Magna had bought Opel.
Earlier today, we heard that the German government still considers Opel to be up for grabs if companies want to come in with a higher bid.
Now, we hear that Fiat are still interested in Opel, and they might even have some support from the Italian government behind them.
From Automotive News:
The Sueddeutsche Zeitung quoted sources at Fiat as saying that if the GM-Magna talks were to fail, Fiat would resume negotiations over Opel. German government sources confirmed the information, the Munich-based paper said.
The newspaper also said China’s BAIC, which makes Mercedes-Benz cars in Beijing in a joint venture with Daimler, could also bid again.
Fiat and BAIC were passed over when General Motors and the German government chose Magna International early Saturday as the preferred bidder for its Opel/ Vauxhall unit.
Germany has stressed that other bidders, including Fiat and BAIC still would have a shot if they improved their bids.
“The process is still open to all the bidders,” government spokesman Ulrich Wilhelm told reporters in Berlin on Wednesday.
After being criticized for doing nothing to help Fiat’s bid, Italian Prime Minister Silvio Berlusconi said on Wednesday his government would be willing to intervene with Germany to support another Fiat bid if the automaker wanted.
A German official told Reuters that representatives from BAIC met members of the government on Tuesday and made clear they would “seriously consider” a more detailed bid if talks with Magna failed.
The German government has an interest in keeping up the pressure on Magna until a deal is closed that fully satisfies Berlin’s demands.
And yes, the BAIC that they mention as building Mercedes Benzes in China is the BAIC that was interested in Saab.
So whilst Saab have said that they’re currently in discussions with two parties, there’s clearly room for previously interested parties to trump those two existing bids. That could be via more money or better conditions being attached to their bids.
Saab want to get this deal done soon. I hope those that are interested have put their best foot forward and that all parties are doing their jobs as best they can for the best outcome.
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