UPDATE: Fiat CEO Says Would Give Opel "A Hard Look" In Future
23 April 2009 - 7:01PM
Dow Jones News
Fiat SpA (F.MI) Chief Executive Sergio Marchionne is open to
giving Adam Opel GmbH "a hard look," but is committed to closing a
deal with U.S. automaker Chrysler LLC first.
"If an opportunity arises for Opel, we would give it a hard
look," he told analysts on a conference call Thursday after first
quarter results.
Asked to comment on press reports that Fiat is close to a deal
with Opel, Marchionne said Fiat has "nothing to announce" regarding
those reports.
Der Spiegel said Thursday that Fiat could sign a memorandum of
understanding to buy a majority of General Motors Corp.'s (GM)
European unit Opel next week.
"To the best of my knowledge we have not had direct interaction
with Opel."
Marchionne said he is focused on closing a deal with Chrysler,
and "everything else is irrelevant."
He said Fiat is in talks with other auto makers "around the
world" in order "to accomplish two things."
The two ultimate goals for Fiat, he said, is to be involved in a
process whereby global auto volumes are 6 million units a year, and
that "we can make cars of an architecture to drive the
business."
Fiat's goal is to triple its car production from its current 2.2
million models, which it says will guarantee its survival in a
future downsizing of the auto industry.
-By Jennifer Clark and Jeff Bennett, Dow Jones Newswires; 39 02
58 21 9904; djitaly@dowjones.com