Opel and Vauxhall’s future could become clearer very soon.
Germany’s economy minister has said he expects to get detailed plans within a week from the two interested parties, that is Italy’s Fiat and Austrian-Canadian car parts maker Magna International: Karl-Theodor zu Guttenberg said: “It is important to know that the two investors who are interested want to put forward their respective concepts before or on May 20. And we do hope that these concepts will be stronger than what we have seen so far – which was very rudimentary.” Fiat and Magna are under time pressures as the US government has imposed a June the first deadline for parent company GM to restructure or file for bankruptcy. Germany is also considering a trustee for Opel’s assets if GM files for bankruptcy before a deal is reached. Fiat’s boss Sergio Marchionne has said a three-way merger with Chrysler and GM’s European operations would create a big enough company to survive in a tough global market. Car parts maker Magna is also interested in Opel, probably together with Russian investors although details of how that would work remain unclear. Magna has said it might also think about taking a minority stake in Opel.