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German official confirms Fiat interest in Opel

Posted Thursday, Apr 23, 2009, 1:32 pm in Employee News

Italian car company Fiat SpA and Canadian car parts maker Magna International Inc. are both interested in a stake of German carmaker Opel, a unit of General Motors Corp., a German official to the Associated Press today.

Roland Koch, the governor of the German state of Hesse, said potential investors including Turin, Italy-based Fiat and Aurora, Ontario-based Magna were “lining up” to invest in the company, the news service said. Koch added that he thought it was good for Opel that there were competing investors interested in the firm, but that there was not any agreement with any party yet, he told the AP.

Earlier Thursday, the online version of Germany’s Der Spiegel magazine reported Fiat was close to an agreement to take a majority stake in General Motors Corp.’s entire European business. Spiegel, citing unidentified sources it said were close to the negotiations, said Fiat was expected to sign a declaration of intent with GM next Tuesday. (Associated Press/Detroit News)
 
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