UPDATE: Fiat CEO Met Germany's Merkel, Outlined Opel Bid
26 Mai 2009 - 3:56PM
Dow Jones News
Fiat SpA (F.MI) Chief Executive Sergio Marchionne met with
German Chancellor Angela Merkel Tuesday to outline Fiat's bid for
General Motors Corp.'s (GM) German unit Adam Opel GmbH, a Fiat
spokesman said.
"Fiat presented its offer for Opel," the spokesman said.
The German government hopes to name its preferred bidder by
Wednesday night, in a rush to settle the fate of Opel before the
expected bankruptcy filing of General Motors.
The announcement of a favored bidder will pave the way for
German government financing to enable Opel to continue
operating.
Marchionne will meet with Merkel again Wednesday.
Fiat's rival bidders are Canadian auto parts suppler Magna
International Inc. (MGA) and RHJ International (RHJI.BT).
The German government sees no frontrunner for Opel yet, German
Economy Minister Karl-Theodor zu Guttenberg said Tuesday. All
bidders are still in the race, he said, adding that Fiat still
needs to improve its offer further.
Intesa Sanpaolo SpA (ISP.MI) Chief Executive Corrado Passera
Tuesday said the bank is ready to provide financial support to
Fiat's expansion plans.
Speaking on the sidelines of an event in Milan, Passera said
that the bank's mission is to provide cash, when asked about the
possibility of giving money to support an amended offer from Fiat
for Opel.
Last week, Intesa Sanpaolo, UniCredit Spa (UCG.MI) and Goldman
Sachs (GS) were appointed financial advisors of Fiat.
-By Jennifer Clark, Dow Jones Newswires; 39 02 58 21 9904;
jennifer.clark@dowjones.com