With the German government expected to make its decision on who it favours to buy a majority share in General Motors’ Opel unit tonight (Wed), Fiat’s bid was boosted as Italy’s second largest lender, Intesa Sanpaolo, said it was ready to provide Fiat with financial support.
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Fiat has been working with Italy’s biggest bank UniCredit and Goldman Sachs of the US on its bid for Opel.
It has submiited a revised bid for Opel and yesterday (26 May), CEO Sergio Marchionne met German chancellor Angela Merkel in a last-ditch attempt to persuade her that his bid was best. Other bidders are Canada’s Magna International, Brussels-based finance company RHJ and, in a surprise last-minute, approach, China’s Beijing Automotive Industry Holding.
