The increasingly complicated effort to save General Motors’ German-based Opel subsidiary ran into yet another snag, today, when Fiat, one of the two remaining bidders hoping to acquire a controlling chunk of Opel, decided to boycott a bailout meeting, in Berlin.
The Italian maker’s move comes barely a day after German government officials ignored their own deadline and refused to complete work on a $2 billion bridge loan package Opel says it needs if it hopes to continue operating long enough to complete a sale.
The Friday meeting was supposed to bring together representatives from the two bidders, Fiat and Canadian mega-supplier Magna International, as well as GM executives and officials from both the German and U.S. governments.
But a spokesman for German Chancellor Angela Merkel now says such a high-level meeting will only take place if, “those involved … have something substantial to produce, contracts that carry their signatures.” Without Fiat’s involvement, that appears unlikely. (more…)