Fiat SpA (F.MI) Chief Executive Sergio Marchionne Friday said it is difficult to predict who will walk away with General Motor Corp.'s (GM) German unit Adam Opel AG, although he added the Italian carmaker's offer makes most sense industrially.

"It is difficult to say" (the outcome), Fiat's CEO told reporters in Rome. "It is a complex game due to elections this year in Germany."

From an industrial point of view a deal with Fiat will be more rational, Marchionne also said.

Earlier this week, Fiat, Magna and RHJ International (RHJI.BT), a European buyout firm of U.S.-based investor Ripplewood with holdings in the auto-parts industry, presented their bid for Opel.

Company Web site: http://www.fiatgroup.com

-By Liam Moloney and Luca Di Leo, Dow Jones Newswires; +39 06 6976 6924; liam.moloney@dowjones.com