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Fiat Submits Bid for Opel

With a swift blow to Chrysler's groin, Fiat has submitted an offer to take over Opel, one of GM's brands. Or at least this is what recent reports claim, backed by Klaus Franz's, chairman of Opel's works council latest statement. According to the official, Fiat will sign a deal with the Germans as soon as April 28.

Fiat on the other hand keeps its mouth shut. Just like in a play were she starts bragging about being proposed to (Opel), while he keeps a masculine stance (Fiat), the Italians try to divert attention to the "loves me, loves me not" Chrysler deal.

"Final terms for this transaction continue to be negotiated with the U.S. Treasury and other relevant stakeholders," Fiat said in a statement, quoted by Autonews. "If negotiations are concluded successfully, final terms will be set on or before April 30, 2009," the company added.

No word on Opel though. At least not today. The rumor of a deal with Opel is not new, as it has been around for some time. As we reported last Friday, Fiat Chairman Luca Cordero di Montezemolo denied the speculation, saying that his company is not even close to being interested in a deal with the German unit.

His official denial method-of-choice at the time: "They've written about it in the newspapers? No, no." The statement was made in response to a Corriere della Sera report, but didn't clarify much...

No, no deal? Oh no, they found out about it? We are not exactly sure what he meant at the time, but according to this latest development, we may find out by next Tuesday.

Until then, Klaus Franz says that an Opel-Fiat deal will encounter some minor setbacks, as the German unions will oppose such a deal. The reason? A takeover would mean major job cutbacks as well as factory closures in Germany, because of the huge overlap between Opel's and Fiat's product ranges.

Fiat seems to have went to the future father-in-law as well, as auto motor und sport said the the new GM CEO, Fritz Henderson has already met with Sergio Marchionne about a possible marriage.
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About the author: Daniel Patrascu
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Daniel loves writing (or so he claims), and he uses this skill to offer readers a "behind the scenes" look at the automotive industry. He also enjoys talking about space exploration and robots, because in his view the only way forward for humanity is away from this planet, in metal bodies.
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