Sale of Opel Continues to Drag On, Fiat Still Interested

While the focus on for the German government is clearly on a deal for Opel with Magna International, there remains a bid from Fiat on the table, as well as one from Belgian private equity firm RHJ International.

The fact is though, that Fiat had registered a bid for the General Motors division when bidding began, but had declined to revise it when talks gained momentum with Magna, being occupied with the acquisition of Chrysler.

With questions about the progress of talks among GM, Magna, and RHJ seemingly stalled, Fiat has reiterated its interest in the Opel, should the leading suitors take flight.

At least that is what has been reported in the Italian press.

All the while, the German government and GM seem to be in no tearing rush to make a deal.

In a TV German TV interview yesterday, German Chancellor Angela Merkel hinted that no deal with any bidder is imminent. “Content must come before speed,” she said.

Fiat’s bid, while firmly anchored in its commitment not to pour money into Opel, does propose the creation of the second largest European automaker behind Volkswagen by combining Opel and Fiat facilities.