Fiat CEO Sergio Marchionne has cast doubt on Magna’s impending takeover of Opel/Vauxhall, and has insisted Fiat’s offer the German firm is still the best on offer.
Marchionne said he had heard that Magna’s talks with GM were “not going very well” and Fiat had “confirmed its interest” to step in should the Magna deal collapse.
Magna’s deal with GM for Opel/Vauxhall has been hit by snags including the use of GM’s technology and engineering designs, as well as disputes over Opel pensions.
Marchionne said: “I don't believe we could improve Fiat's offer. It's the most rational one we can put forward from an industrial viewpoint.
Fiat had bid for Opel last month, but it didn’t progress into the second round of talks.
Reports also suggest that GM will sign non-binding agreements with two firms who had bid for Opel, should the deal with Magna collapse.
Belgian private equity firm RHJ International SA and China's Beijing Automotive Industry Holding are believed to be the parties involved in fall-back talks.