GM says it will not sell Opel, Fiat still ready to buy

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Filed under: Europe, GM, Earnings/Financials, Opel, Fiat

Automotive News reports General Motors has no interest in selling Opel. The statement comes after an Italian newspaper implied Fiat was ready to buy the brand should the alliance between GM and PSA/Peugeot Citroen fail. The publication reported that Fiat CEO Sergio Marchionne is already crafting a proposal to acquire the German brand in the event GM calls it quits, using a strategy similar to the one that saw Fiat win Chrysler.

Fiat has declined to comment on the situation, but GM Vice Chairman Stephen Grisky said in a statement that GM stands behind Opel and that the brand is "a fully integrated part of GM's global footprint."

Grisky also said the GM-PSA alliance is still strong.

This isn't the first time rumors have swirled around Fiat's lust for Opel. The Italian brand attempted to buy Opel once before in 2009 when GM was briefly in bankruptcy. The American manufacturer eventually settled on keeping Opel, however. Meanwhile, Marchionne has said the European auto industry will have to consolidate if it is to survive the region's economic downturn.GM says it will not sell Opel, Fiat still ready to buy originally appeared on Autoblog on Fri, 05 Oct 2012 16:30:00 EST. Please see our terms for use of feeds.



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