Fiat said that it has lined up three financial institutions to help it create a group that will combine its majority stake in Chrysler with GM’s European and Latin American Operations. It was reported yesterday that Fiat submitted two bids for GM’s Opel brand, one that includes GM’s Latin American Operations and one that doesn’t.
“Intesa Sanpaolo, UniCredit Group and Goldman Sachs have been selected as global coordinators and will assist and guide Fiat in all the required operations in the months to come,” Fiat CEO Sergio Marchionne said in a statement.
Fiat said that it plans to put all of these new operations into a new company that would be listed and traded on the European stock exchange.
The company, seeing as everything goes to plan and GM sells Opel and its Latin Operation, would create the world’s largest auto group with sales of 6 million vehicles annually and revenues that would exceed $100 billion.
– By: Omar Rana
Source: Detroit News