Marchionne says current bid for Opel is the best it can offer

Fiat CEO Sergio Marchionne said that it’s existing bid for Opel was the best it could offer. His statement comes following conflicting reports about the status of Magna International’s deal to buy Opel for General Motors.

“I don’t believe we could improve Fiat’s offer. It’s the most rational one we can put forward from an industrial viewpoint,” Marchionne said told reports on Friday.

Fiat made a bid for Opel last month, but did not continue into a second round of talks. GM and Magna International reached a preliminary deal in May. GM of Europe even secured approval for a €1.5 billion bridge financing agreement with the German government based on the partnership with Magna, allowing it more time to finalize the partnership agreement.

Fiat CEO Marchionne said he had heard talks with Magna were “not going very well,” and added. “We have confirmed our interest.”

Magna and GM hope to finalize a deal and close the sale of a majority stake in Opel by September.

– By: Omar Rana

Source: Reuters