Magna and Fiat in Bidding War for Opel
GM's decision to put Opel on the auction block was an astonishing one. While we all knew Pontiac, Saturn, Hummer, and Saab were on their way out, but GM's Opel division has been Europe's equivalent of Chevrolet. The Opel name, as well as its British Vauxhall counterpart, are major players in the Euro auto scene. The debut of a fresh new Insignia led many commentators to expect the new sedan to hit these shores--first as an Aura replacement, then as a Buick.
Alas, the dream looks to be dead. GM lacks the capital to keep Opel thriving, and the German government seems unwilling to provide extensive support unless the firm is out from the General's umbrella. As of the present, Automotive News is reporting that Opel's future remains in the hands one of two bidders: the Fiat Group and Magna International.
Where the bidding goes is yet to be determined, as even the final state of three of GM's fallen nameplates has yet to be determined. GM may not be totally parting with Opel: it could preserve a stake in the company, form a partnership with the future owner, or (as is being widely reported) maintaining ownership of Vauxhall.
http://europe.autonews.com/apps/pbcs.dll/article?AID=/20090428/ANE02/904289984/-1
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