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Posted by Will (in IL) on Monday, May 04, 2009 at 12:40:38 :
In Reply to: GM-Deux? (New Chrysler?) posted by Will (in IL) on Friday, May 01, 2009 at 13:09:38 :
Fiat plans European car supergroup
By John Reed and Paul Betts in Monte Carlo
Published: May 3 2009 19:45 | Last updated: May 3 2009 19:45
Sergio Marchionne, Fiat chief executive, is on Monday due to outline plans to transform the global automotive landscape by spinning off Fiat’s core cars division, joining it with Chrysler and General Motors Europe, and creating a new publicly traded European car company.
Mr Marchionne wants Italy’s largest industrial group to separate Fiat Auto from its other divisions, join them with Opel / Vauxhall, Saab, and GM’s other European operations, and Fiat’s stake in Chrysler to create a company with about €80bn ($106bn) of revenues and sales of 6m-7m vehicles a year – second to Toyota, more than Renault / Nissan or Ford Motor, or GM itself, and roughly as many as Volkswagen.
Fiat’s head is scheduled to present his plan on Monday afternoon in Berlin to Frank-Walter Steinmeier, the German vice-chancellor, Karl-Theodor zu Guttenberg, economy minister, and Klaus Franz, co-chairman of Opel’s supervisory board and head of its works council.
In an interview with the Financial Times, Mr Marchionne said: “From an engineering and industrial point of view, this is a marriage made in heaven”.
He hopes to complete the transaction by the end of May, and list shares of the new company, tentatively called Fiat/Opel, by the end of the summer.
http://www.ft.com/cms/s/0/a4a4767a-380d-11de-9211-00144feabdc0.html