General Motors said on Friday its European brand Opel was "vital" for the company's future in Europe, rejecting an Italian newspaper implied that Fiat is ready to buy Opel if the alliance between GM and PSA/Peugeot Citroen dissolves.
"Opel is not for sale. GM fully stands behind Opel," said GM Vice Chairman Stephen Girsky in a statement today.
"Opel is a fully integrated part of GM’s global footprint and vital for GM’s future success in Europe," Grisky said. "The GM-PSA alliance is fully on track."
This isn't the first time rumors have swirled around Fiat's lust for Opel. The Italian carmaker attempted to buy Opel once before in 2009 when GM was briefly in bankruptcy. However, the American manufacturer eventually settled on keeping Opel.
Meanwhile, Morgan Stanley analyst Adam Jonas said Opel is the single biggest threat to GM's long term financial future and that ultimately separation is the best option. He estimated that Opel will lose an average of $1 billion in annual operating losses on average through 2021.
Source: Automotive News
