Fiat has denied its interest in General Motors’ Opel unit for the last several weeks, but the Italian automaker has finally fessed up to its desire for GM’s German brand. A German official first revealed Fiat’s interest in Opel, but CEO Sergio Marchionne has officially confirmed Fiat is pursuing a majority stake in the company.
Marchionne revealed to Italy’s La Stampa newspaper that Fiat is currently in talks with General Motors about the acquisition of the Opel brand. Marchionne even went as far as to call Opel the “perfect partner” for Fiat.
It remains unclear just how big of a stake Fiat is seeking, but GM would likely remain on as a minority stakeholder in Opel. Whatever the case, GM will separate the Opel and Vauxhall brands, keeping Vauxhall brand under the GM umbrella of companies.
GM CEO Fritz Henderson revealed six suitors are currently interested in Opel, but Fiat could be the early frontrunner. GM reportedly prefers the sale of Opel to a single entity, making a joint sale to Canada’s Magna and Russia’s Oleg Deripaska seem less likely.
GM plans to keep Opel talks open until at least the end of the month, with an official announcement likely early next month.
