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Business

Fiat submits its bid for Opel and Vauxhall

Latest update : 2009-05-20

Italian carmaker Fiat has submitted its bid for both of General Motors' subsidiaries Opel and Vauxhall, according to the company's spokesman. The US auto giant is expecting to receive two further offers for Opel.

AFP - Fiat on Wednesday made a formal offer to take over Germany's Opel and Britain's Vauxhall, two European subsidiaries of US auto giant General Motors, a spokesman for the Italian company told AFP.
  
"We have made our offer. It concerns the activities of Opel and Vauxhall. If the deal goes ahead, it will create a new company including Fiat Group Auto, its stake in Chrysler and Opel/Vauxhall," the spokesman said.
  
The Fiat spokesman did not add further details but added that Fiat was also interested in GM's Swedish unit Saab but that "that is a separate negotiation."
  
Bids for Opel were to be presented by 6 pm (1600 GMT) on Wednesday under a deadline set by the German government, which has promised loan guarantees for investors.

Date created : 2009-05-20

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