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Opel Race Heats Up

German manufacturer Opel has become one of the most craved after assets in the automotive world these days. Until a final decision is made in the following days, new developments are to surface by the hour.

The latest from the German front is that the state may even consider a break-up of the manufacturer between the bidders, or even terminating it because the offers submitted do not rise up to the expectations of the German government.

These two possible outcomes were denied by German officials, yet the all out assault by made by Italian manufacturer Fiat does hint that Marchionne is about to lose, for the first time this year, a major battle.

To avoid this unwanted outcome, rumors have surfaced that an Italian bank is ready to step in and lend a handfull of money. The bank in question, Intesa SanPaolo, confirmed the rumors through the voice of its CEO, Corrado Passera.

"We are ready to give financial support to the project," the bank official said. And Intesa is not alone. Goldman Sachs Group and UniCredit, global coordinators for Fiat's plans to merge Opel, Chrysler LLC and its own car business into a single company, may also step in, Autonews reported.

If this is the main topic of the talks set to take place today between Fiat's Sergio Marchionne and German chancellor Angela Merkel, than the Italian may, once more, get the upper hand.

Until now, the Germans claim that all three bidders have improved their offers, but no details were released. Whoever the new owner of Opel will be, the decision is likely to be taken tomorrow, when a decisive meeting will take place between high ranking German officials.
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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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