Don't miss

Replay


LATEST SHOWS

ENCORE!

Film show: 'Battle of the Sexes', 'Jupiter’s Moon', 'Reinventing Marvin'

Read more

MIDDLE EAST MATTERS

Meet the 16-year-old behind the hijab emoji

Read more

IN THE PAPERS

Robert Mugabe resigns: 'Hip Hip Harare'

Read more

IN THE PAPERS

UN tribunal decides fate of Mladic, 'Butcher of the Balkans'

Read more

EYE ON AFRICA

Celebrations erupt in the streets of Harare as Mugabe resigns

Read more

MEDIAWATCH

Zimbabwe's end of an era

Read more

FOCUS

Video: An uncertain fate for US's transgender soldiers

Read more

THE DEBATE

Enslaved in Libya: What to do about exploited African migrants?

Read more

ENCORE!

Seal on his new album 'Standards' and why he doesn't like texting

Read more

Business

Fiat improves Opel bid amid stiff competition

Latest update : 2009-05-25

Auto parts maker Magna appears to be favourite in the race to buy German carmaker Opel, but Fiat has decided to improve its offer for the European subsidiary of General Motors, according to the German economy minister.

AFP - Italy's Fiat has improved its offer for General Motors' Opel unit, the German economy minister said on Saturday after a rival Canadian-Russian bid appeared set to win Berlin's seal of approval.
  
A government spokesman said that Economy Minister Karl-Theodor zu Guttenberg had said in Berlin that Fiat had improved its bid for a stake in the GM unit and had offered more details.
  

The final decision on Opel, as well as other units of GM's European operations, including Britain's Vauxhall and Sweden's Saab, lies with GM itself and the US government.
  
But Berlin has a major say as it has promised to sweeten any deal with loan guarantees, and last week it appeared that Canadian auto parts maker Magna International had made a more convincing offer.
  
Magna is bidding together with Russian tycoon Oleg Deripaska's truck company GAZ and is backed by Russia's biggest lender, the state-run Sberbank. Press reports have said that its bid is preferred by GM.
  
Brussels-based investment group RHJ International has also made an offer for the struggling General Motors unit, which employs 25,000 people directly.
  
Fiat wants to combine GM's European and Latin American operations with the bankrupt Chrysler to form the world's second largest automaker behind Japan's Toyota.
  
According to press reports, 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.

Date created : 2009-05-24

COMMENT(S)