Fiat to Submit a New Takeover Proposal for Opel

Following reports that the German government might continue negotiations with some other parties over the Opel acquisition - despite that Magna has already sealed the deal - it might seem like Fiat continues its efforts to purchase the ailing automaker. According to German newspapers, Fiat is already planning to submit a revised takeover proposal to Opel which is expected to change things a bit in the Germany and GM Europe vs. Magna negotiations.

Obviously, Fiat refused to comment the reports, which is usually the first sign that there might be some truth behind these words. The Sueddeutsche Zeitung newspaper revealed that in case negotiations between Magna and GM Europe would fail, Fiat will be back on track, which is probably what the Italian automaker plans to do by submitting a new bid for the German unit.

Meanwhile, the German government has met with BAIC members, hinting that Chinese investors are also eyeing an Opel acquisition. However, we're not sure whether the GM's unit could indeed step under the patronage of Chinese companies or this is just another attempt of the country to keep the pressure on Magna International until the deal is completed.

"The process is still open to all the bidders," government spokesman Ulrich Wilhelm told reporters in Berlin according to a report by Autonews.

Magna expects to complete the Opel acquisition by September. "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."