Fiat Confirms Talks with GM Europe

2009-05-04 21:27:55 (GMT) (WiredPRNews.com - Business, News)

Fiat in talks to purchase GM Europe in addition to Chrysler

The Italian automaker confirmed talks to purchase GM’s European operations.

Wired PR News – Fiat Group SpA may emerge as one of the world’s largest automakers if the company reaches an agreement with General Motors Corp. for the purchase of their European operations. As reported by the Associated Press (AP), the Italian automaker confirmed talks on Sunday to buy GM Europe.

As noted by the AP, Fiat already has plans to takeover Chrysler LLC as part of the U.S. automaker’s restructuring process. A deal with both Chrysler and GM may warrant Fiat $105 billion in revenue annually, according to the company.

Fiat is quoted by the AP as saying in a statement that the company’s CEO Sergio Marchionne has plans “to assess the viability of a merger of the activities of Fiat Group Automobiles (including the interest in Chrysler) and General Motors Europe into a new company.”

Photo Credit: Rudolf Stricker