The head of Fiat SpA said it had more than a 50 percent chance of
succeeding in its bid for Opel, adding that the other contenders did
not have the expertise to save the struggling car maker, according to a
unit in Germany on Wednesday as part of an ambitious plan to create the
second biggest car maker in the world after Toyota Motor Co
Its bid includes GM's British brand, Vauxhall.
The two other contenders are Canadian-Austrian car parts group Magna
to members of the Agnelli family at a private meeting on Wednesday,
Fiat Chief Executive Sergio Marchionne expressed confidence in the
success of the Italian industrial group's bid.
Fiat has more
than a 50 percent chance of pulling off its bid for Opel, he was
quoted as saying on Thursday by La Stampa newspaper.
The Agnellis founded Fiat more than 100 years ago and still hold a controlling stake in it. They also control La Stampa.
At the end of the day, our's is the only offer that has real content and makes industrial sense.
The others either do not have productive clout or are basically financial: and we have seen with Cerberus
a U.S. private equity firm, is desperate to get out of Chrysler after
losing billions of dollars on its investment in the bankrupt U.S. car
maker. It bought a majority stake in it from Germany's Daimler
Fiat has entered into a partnership with Chrysler that could
eventually see it become majority shareholder in the U.S. car maker.
acknowledged Germany's unions' opposition to Fiat as Opel's future
owner given their fears of plant closures and job cuts.
the unions like them (the other contenders) because they reckon they
can have an influence over certain managers who are expert only in
finance and not in industry, he said.