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The Pub For General Automotive Related Talk |
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#1 | ||
FF.Com.Au Hardcore
Join Date: Dec 2004
Location: Central Q..10kms west of Rocky...
Posts: 8,307
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Fiat has set its sights on becoming one of the world's leading carmakers, signalling an interest in taking a stake in General Motors (NYSE: GM - News) ' European business as it rushes to cement an alliance with Chrysler.
The Italian carmaker is among up to seven suitors for a stake in GM Europe, of which Germany's Opel forms the largest part and which includes the UK'sVauxhall, several government and car industry sources have told the Financial Times. News of the talks comes as Fiat, whose chief executive Sergio Marchionne has declared the world's oversupplied automotive industry ripe for consolidation, moves closer to a tie-up with GM's rival Chrysler, which has six days to prove to the US government that it can become viable, or face bankruptcy. "Fiat has expressed its interest to the German government," people close to Opel said on Thursday. Canadian car parts maker Magna International was also interested in GM's European operations, said Hendrik Hering, economy minister for the German state of Rhineland-Palatinate. But industry insiders and Fiat itself warned a deal was not imminent as there remained questions over how Opel and Vauxhall could be split from GM. One executive said: "It is like trying to separate an egg from an omelette." Mr Marchionne said the Italian carmaker had not held direct talks with Opel, adding that wrapping up the partnership with Chrysler was "my first and foremost objective". However, he served notice he intended to lead industry consolidation, saying Fiat was "a willing player" and wanted to produce 5m-6m cars per year, almost triple the 2.2m it makes now. "We have open dialogue with a number of automotive companies around the world," said Mr Marchionne. "We are going to be part of a consolidation exercise." Fiat's boss has in five years transformed the carmaker from alaggard to an efficient producer of small cars. However, amid a global downturn and the worst crisis for the car industry in decades, its sales have suffered and the company on Thursday reported a €411m first-quarter loss. A sale of Opel to Fiat is favoured by the German federal government. But it would face objections from regional governments and Opel's powerful works council, which fears plant closures and job losses given the large overlaps between the two carmakers. "Even the strongest child can't bear two sick parents," Armin Schild, an Opel supervisory board member and regional trade union leader, said. Mr Marchionne said that Europe's car industry could consolidate without the radical downsizing seen in the US, which he said was "not in the culture of European society". Fiat is riding high on an endorsement from Barack Obama, US president, as a potential saviour of Chrysler. However, the US carmaker must still secure concessions from debtholders and its unions in the US and Canada by next week. Mr Marchionne, who has spent much of the past month in America, flew to Washington on Thursday for talks with President Obama's automotive taskforce. If the Chrysler talks succeed, Fiat will take an initial 20 per cent stake in a partnership that would see them join forces on technology, production, models and dealerships. Companies: Fiat SpA ;General Motors Corp ;Vauxhall Motors Ltd ;General Motors Corp ;
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#2 | ||
Regular Member
Join Date: Oct 2007
Posts: 92
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seriously weres all this money coming from they seem to want to buy all these bankrupt company but good on if they do they could put a ferrari engine in a vauxhall
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#3 | |||
FORMERLY TX3DUDE
Join Date: Jan 2005
Location: "THE GONG"
Posts: 2,487
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big *** mortgage? If theyve got cash reserves then now is the time to spend them as youll get the most for your dollar.
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#4 | ||
Donating Member
![]() Join Date: Dec 2006
Location: Melbourne
Posts: 4,523
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Fiat have accumulated billions in cash since they separated from GM. And they are Itailans. So they know how to crunch a deal.
They got the US Govt to put up the billions so they could buy 20% of Chrysler and they would also be likely to pick these up for what they owe. And they are banging the German Govt to stump up the cash. To save jobs of course. If they pull this off they will become the worlds 2nd largest automaker relatively cheaply. Only scary part is imagining a SAAB with Fiat build quality.... ![]()
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Oooh baby living in Miami....
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#5 | ||
FF.Com.Au Hardcore
Join Date: Feb 2005
Location: Melb north
Posts: 12,025
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they also mentioned Saab on the radio this morning into the fiat bargain and if it goes ahead will be bigger than GM....
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#6 | ||
FF.Com.Au Hardcore
Join Date: Jan 2005
Location: Northern Sydney
Posts: 1,908
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There still needs to be some form of synergy (excuse the management consulting term) or economies of scale to make this work.
Everyone seems to have forgotten the DaimlerChrysler conglomorate of the late 90s/early 2000s which included Mercedes Benz and brands, Chrysler and brands and Mitsubishi. The only one to escape relatively unharmed from the "merger" was Mercedes Benz. Mitsubishi was licking it's wounds for a good three years afterwards and the basketcase Chrysler is still a basketcase. |
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#7 | |||
IWCMOGTVM Club Supporter
Join Date: Sep 2005
Location: Northern Suburbs Melbourne
Posts: 17,799
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While its about the Chrysler/fiat situation it does talk about opel and SAAB.
http://news.theage.com.au/breaking-n...0506-auwk.html Quote:
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#8 | ||
Virtuous Bogan (TM)
![]() Join Date: Jan 2005
Location: TAS
Posts: 27,566
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I cant believe SAAB are still kicking about, they have done nothing for as long as I can remember and that doesn't look like changing. Cant see how they will survive, god Pontiac would have had more brand equity surely.
FIAT are doing well, smart time to buy if you can. Tony is killing it!
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#9 | ||
FF.Com.Au Hardcore
Join Date: Mar 2006
Posts: 2,021
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Fiat look like they will be the GM of the 21st century........
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#10 | |||
IWCMOGTVM Club Supporter
Join Date: Sep 2005
Location: Northern Suburbs Melbourne
Posts: 17,799
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A twist to the Opel saga
http://news.theage.com.au/breaking-n...0509-ayfb.html Quote:
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Daniel |
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#11 | |||
IWCMOGTVM Club Supporter
Join Date: Sep 2005
Location: Northern Suburbs Melbourne
Posts: 17,799
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Some more news.
http://news.theage.com.au/breaking-n...0510-aysa.html Quote:
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Daniel |
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#12 | |||
IWCMOGTVM Club Supporter
Join Date: Sep 2005
Location: Northern Suburbs Melbourne
Posts: 17,799
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GM may keep Opel...but more likely Fiat would take them over.
http://news.theage.com.au/breaking-n...0520-bft5.html Quote:
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Daniel |
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#13 | |||
IWCMOGTVM Club Supporter
Join Date: Sep 2005
Location: Northern Suburbs Melbourne
Posts: 17,799
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Bit of an update
http://news.theage.com.au/breaking-n...0523-bihp.html Quote:
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Daniel |
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#14 | ||
Guess Who's Back?
Join Date: Feb 2008
Posts: 1,369
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#15 | |||
IWCMOGTVM Club Supporter
Join Date: Sep 2005
Location: Northern Suburbs Melbourne
Posts: 17,799
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The news is coming in.
http://news.theage.com.au/breaking-n...0526-bmbt.html Quote:
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Daniel |
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#16 | |||
IWCMOGTVM Club Supporter
Join Date: Sep 2005
Location: Northern Suburbs Melbourne
Posts: 17,799
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GM is getting Opel ready for sale
http://news.theage.com.au/breaking-n...0527-bnr0.html Quote:
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Daniel |
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#17 | |||
IWCMOGTVM Club Supporter
Join Date: Sep 2005
Location: Northern Suburbs Melbourne
Posts: 17,799
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Talks have collapsed....but a Chinese manufacturer is a chance of buying Opel.
http://news.theage.com.au/breaking-n...0528-boqc.html Quote:
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Daniel |
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#18 | |||
IWCMOGTVM Club Supporter
Join Date: Sep 2005
Location: Northern Suburbs Melbourne
Posts: 17,799
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Not going good for Opel.
http://news.theage.com.au/breaking-n...0528-bowy.html Quote:
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Daniel |
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#19 | |||
IWCMOGTVM Club Supporter
Join Date: Sep 2005
Location: Northern Suburbs Melbourne
Posts: 17,799
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More problems with the talks.
http://news.theage.com.au/breaking-n...0529-bq3w.html Quote:
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Daniel |
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#20 | |||
IWCMOGTVM Club Supporter
Join Date: Sep 2005
Location: Northern Suburbs Melbourne
Posts: 17,799
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Some more news.
http://news.theage.com.au/breaking-n...0529-bq3w.html Quote:
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Daniel |
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#21 | ||
Guess Who's Back?
Join Date: Feb 2008
Posts: 1,369
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No matter what happens Opel will be in better hands after the sale.
I can't believe GM's actions when so many jobs are at stake, one last kick in the guts on their way out. |
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#22 | ||
Regular Member
Join Date: Mar 2008
Posts: 459
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Magna 'agrees to buy GM Europe'
Canadian-Austrian car parts maker Magna International has reached an agreement in principle to rescue GM Europe, owner of Opel and Vauxhall, reports say. The agreement was reached with General Motors, but will need to be approved by the German government, which will be providing funding to the new owner. The other potential bidder, Fiat, said it would not be attending Friday's talks with the German government. GM in the US is expected to declare Chapter 11 bankruptcy on Monday. There is due to be a meeting in Berlin at 1800 local time (1600 GMT) attended by Chancellor Angela Merkel, the ministers involved and officials from the German states that contain GM plants to discuss whether to approve the deal. Extra funding Magna and GM will not be attending the meeting at first, although they may be invited later. There have been suggestions in the German media that it may be cheaper for the German government to allow GM Europe to declare itself insolvent than to allow it to be bought. On Thursday, the German government criticised the US Treasury and General Motors after being told at the last minute that GM Europe would need another 300m euros ($415m; £260m) in short-term funding. It has already offered almost 1.4bn euros in loan guarantees. Magna and GM will also have to make sure that GM Europe is restructured in a way that will protect the carmaker if, as expected, its parent company in the US declares itself bankrupt. http://news.bbc.co.uk/2/hi/business/8074218.stm |
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#23 | ||
Regular Member
Join Date: Mar 2008
Posts: 459
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Germany Selects Magna As Partner For Opel
BERLIN -(Dow Jones)- The German government early Saturday said it selected Austrian-Canadian car parts maker Magna International Inc. (MGA) as a partner for General Motors Corp.'s (GM) German Adam Opel GmbH unit, ahead of a likely bankruptcy filing of Opel's parent GM in the U.S. Speaking after hours of intense negotiations, German Finance Minister Peer Steinbrueck told reporters the German government is well aware of the risks posed by the deal, but nevertheless defended the rescue of the troubled German carmaker as justified. Germany will provide EUR1.5 billion in bridge financing for Opel, paving the way for a takeover by Magna and its two Russian partners. Magna has teamed up with Russian auto maker OAO GAZ Group (GAZA.RS) and state- controlled OAO Sberbank (SBER.RS) in its bid for Opel. Steinbrueck said the EUR1.5 billion bridge financing, which it intended to keep Opel afloat until the details of a takeover by Magna are decided, is the upper limit the German government is willing to provide. Steinbrueck said the parties involved also agreed on the model of a trusteeship for Opel for the interim period. Speaking after the marathon talks that started Friday afternoon in Berlin, Magna co-Chief Executive Siegfried Wolf said he expects the deal with General Motors to be signed in five weeks. Wolf confirmed that Magna will provide the short-term cash demand of EUR300 million to Opel, which was one of the key reasons for the German government to delay the decision on state aid earlier this week. He said the funds would be available Tuesday. Because of the agreement on the trusteeship and the bridge finance provided by Germany, Wolf said he sees no risk for Opel coming from an eventual GM insolvency. Wolf said plans for the future shareholder structure of Opel haven't changed, but noted that "some adjustments" might have to be made following the agreement after consulting with its Russian partners. "Our Russian partners have been very supportive in this deal," Wolf said, adding that Opel stands to "benefit from the significant growth potential of the Russian auto market". According to previous statements, Magna's consortium plans an initial investment around EUR700 million. Under the plan, which is backed by Opel's works council, GM would retain a 35% stake in the company. Sberbank would take a 35% stake as well, with Magna holding 20% and Opel's employees with 10%. http://money.cnn.com/news/newsfeeds/...5_FORTUNE5.htm |
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#24 | |||
IWCMOGTVM Club Supporter
Join Date: Sep 2005
Location: Northern Suburbs Melbourne
Posts: 17,799
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Some news on the sale
http://www.fordforums.com.au/showthr...03#post2687203 Quote:
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Daniel |
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#25 | |||
IWCMOGTVM Club Supporter
Join Date: Sep 2005
Location: Northern Suburbs Melbourne
Posts: 17,799
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Go Auto Article.
http://www.goauto.com.au/mellor/mell...2575C7008039FF Quote:
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Daniel |
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#26 | |||
IWCMOGTVM Club Supporter
Join Date: Sep 2005
Location: Northern Suburbs Melbourne
Posts: 17,799
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Russian Bank could sell their 35% stake.
http://news.theage.com.au/breaking-n...0605-bxdz.html Quote:
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Daniel |
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#27 | ||
FF.Com.Au Hardcore
Join Date: Jul 2006
Location: Rockingham WA
Posts: 1,234
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The Saga continues.
The way things a looking we could see the all new FIAT Bambino SRT4 with the option of a the LS0.5 ![]() I reckon FIAT are looking to buy, but i dont think they will buy into much more than Chrysler, the rest is speculation purely in interest of shareholders.
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A philosopher is a person who finds a problem for every solution . :Reverend: 95 EF XR8, Advance headers, Vortech V2 t trim blower, Ported Cobra Manifold, Capa Switch Chip Eliminator. 307 rwhp 395 ft/lb 13.2 @ 105mph Now NA- AFR 165 heads, 1.6RR, Ported Cobra 269rwhp 14.2 ... needs stall and 4.11's 1977 CL Chrysler Panel Van, 360, 727 torqueflite auto soon to be restored. |
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#28 | ||
Lukeyson
![]() Join Date: Mar 2005
Location: Maitland, NSW
Posts: 2,580
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Even the Fiat-Chrysler deal has now hit a snag, potentially delaying their 'quick bankruptcy' plans:
http://www.drive.com.au/Editorial/Ar...ID=63453&vf=12 Lukeyson
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If the human brain was simple enough to understand, we'd be too simple to understand it. |
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#29 | |||
IWCMOGTVM Club Supporter
Join Date: Sep 2005
Location: Northern Suburbs Melbourne
Posts: 17,799
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Target sale date set.
http://www.caradvice.com.au/33031/gm...l-sale-report/ Quote:
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Daniel |
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#30 | |||
IWCMOGTVM Club Supporter
Join Date: Sep 2005
Location: Northern Suburbs Melbourne
Posts: 17,799
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Opel Future to be decided soon.
http://www.caradvice.com.au/34312/op...-decided-soon/ Quote:
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Daniel |
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