Fiat Still in the Race for Opel?

The recently-announced deal between Magna International on one side and the German government and GM Europe on the other over the fate of Opel means nothing for Fiat as the Italian manufacturer is still in the race to purchase the ailing manufacturer. At least, this is what some media reports suggest, hinting that German officials recently met with BAIC members.

In other words, the German government is still considering some other proposals to purchase Opel, with Chinese buyers and Fiat still on track. However, nobody knows for sure if these two companies indeed have a chance to complete the Opel acquisition or this is just a method of the German officials to keep Magna under pressure until they get the final signing.

"The process is still open to all the bidders," government spokesman Ulrich Wilhelm told reporters in Berlin according to a report by Autonews.
Earlier this day, Magna International revealed that it expects to close the deal by September, with all those involved to give their final approval by that month.

"We think that we will be finished in the next four, five weeks and then there's the final signing," Magna co-Chief Executive Siegfried Wolf was quoted as saying by the aforementioned source. "After the signing, all approvals have to be given, and I think that we can expect a closing in September, end-September."

Additionally, Magna has already announced its plans to refresh the Opel product range. "It's not just the volume alone that matters," Wolf said. "Opel has good management. In combination with Magna, I'm quite sure they'll find the right way to become competitive again."