Fiat Submits Bid for Opel
Even if the press release does not say much about the actual offer, as you will see below, Fiat confirmed that in case Opel joins the club, it will be integrated, together with Chrysler's participation, into the activities of the Fiat group.
"The Fiat Group announces it has submitted its own offer for the European operations of Opel and Vauxhall. If the deal is concluded, it will become possible to give birth to a new company, which will integrate the operations of the Fiat Group with those of Chrysler and Opel," the press release said.
German officials have not yet confirmed the news that the other offers on the table are those of Magna (together with GAZ) and private equity group Ripplewood, autoblog.it reported. What was confirmed by the German side through the voice of Olaf Schotz, the German labor minister, is that a final decision regarding the future owner of Opel will be made at the beginning of next week, at the latest.
According to Hendrik Hering, the economy minister of Rheinland-Pfalz, the home state of one of Opel's plants, there are no favorites in the race for Opel.
Why the rush to end it by next week? The beginning of next week may be the end of GM. On May 30, GM is likely to go into bankruptcy and having struck a deal about its European operations by then may weigh a lot in the decision to be made.