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Business

Fiat confirms interest in union with GM's unit Opel

Video by Nicolas GERMAIN

Latest update : 2009-05-05

After settling a partnership with US giant Chrysler, the head of Italian carmaker Fiat, Sergio Marchionne, unveiled his plans to build a European car giant which would include GM's Germany-based unit Opel, in an interview with the Financial Times.

AFP - Fiat boss Sergio Marchionne, fresh from forging a partnership with US giant Chrysler, revealed his plans in an interview Monday for a European car giant that would include GM's Germany-based unit Opel.
  
He told the Financial Times that Fiat, Chrysler and Opel would form a new publicly traded company with revenues of about 80 billion euros (106 billion dollars) and sales of six or seven million vehicles a year.
  
Marchionne will be meeting German Economy Minister Karl-Theodor zu Guttenberg and Foreign Minister Frank-Walter Steinmeier in Berlin on Monday, where he is expected to discuss the idea.
  
"From an engineering and industrial point of view, this is a marriage made in heaven," he told the FT, adding that a union of Opel and Fiat would save one billion euros a year.
  
The FT suggested that, based on past mergers and the two companies' existing size, the merger could result in the loss of up to 9,000 jobs.
  
Marchionne also told the paper that he would likely stand down next year as non-executive vice-chairman of UBS, saying: "I can't do it all, so it's unlikely that I will stand for re-election at UBS next year."

Date created : 2009-05-04

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