Italian automaker Fiat SpA
Fiat will skip a Friday German government meeting in Berlin to discuss emergency funding of Opel, a unit of General Motors Corp
Berlin has set a deadline of 8 a.m. EDT for the two potential investors -- Fiat and Magna International Inc
Fiat said it had been unable to get full access to Opel financial records and frame a merger proposal that would be fair both to GM and to itself.
We remain committed to finding ways to bridge the expectations of both General Motors and the German government but the emergency nature of the situation cannot put Fiat in a position to take extravagant risks, Chief Executive Sergio Marchionne said in the statement.
... More cannot be asked.
An analyst said the comments were the first step to Fiat pulling out of a deal.
There is still a possibility (for an accord). Today they wanted to give a clear sign they are not happy, said the analyst, who spoke on condition of anonymity.
Marchionne said requests that would require Fiat to fund Opel on an emergency basis while Germany sets out the timing and conditions of interim financing would expose Fiat to unnecessary and unwarranted risks.
The issues that emerged from the last round of negotiations on Tuesday and Wednesday have left us perplexed since Fiat had not been told of key financial factors and data, he said.
Shares in Fiat were up 0.13 percent at 7.845 euros at 4:06 a.m. EDT. The DJ Stoxx auto index <.SXAP> was 1.06 percent higher.
(Additional reporting by Danilo Masoni; Editing by David Cowell)