Way back at the beginning of May we reported that Fiat was well in the running to purchase GM’s European brands of Opel, Vauxhall and Saab … a move that would catapult it into second spot on the world rankings of car manufacturers.
However at the end of May talks between GM and Fiat broke down when the Fiat CEO claimed that he was unable to get full access to the financials of Opel. That doesn’t seem to have worried GM too much because waiting in the wings was the Canadian spare parts maker Magna.
Magna … with financial backing from Russia is now set to take control of GM Europe.
Fiat Falters