Fiat CEO aiming to create global auto powerhouse

[liberal N proud]

ROME - Fiat Group SpA will be on the path to becoming a global automotive powerhouse if Chief Executive Sergio Marchionne has his way.

Marchionne is set to meet Monday in Berlin with German economic and foreign ministers to discuss Fiat's offer for General Motors Europe's German unit, Opel.

Fiat confirmed Sunday that it is in talks to buy most of General Motors Corp.'s European operations. It also said it is evaluating the possible spinoff of its auto business to form the core of a new company.

GM has been trying to find investors for its noncore and unprofitable assets to help stave off collapse. Germany is keen to safeguard the future of Adam Opel GmbH, a core part of GM's European operations, which employs about 25,000 people at four plants in Germany.

Fiat Group Automobiles includes the Fiat, Alfa Romeo and Ferrari brands. In addition, Fiat is in the process of acquiring U.S. automaker Chrysler LLC without putting up any cash.

Marchionne was quoted in the Financial Times on Monday as saying of his company's plan: "From an engineering and industrial point of view, this is a marriage made in heaven."

The new auto company, which according to Fiat would have $105 billion in annual revenue, would put the Italian automaker in markets where it has little or no presence, including North America, traditionally the largest market in the world.

"They're going to be a global powerhouse, I guess. Who would have thought?" asked Erich Merkle, an independent auto industry analyst in Grand Rapids, Mich. "They seem to be on a buying binge right now, looking for cheap and distressed assets like Chrysler and Opel."

More at link: http://www.msnbc.msn.com/id/30546860/

[Captain Hilts]

1. Fix It Again Tony! In Russia: Fix It Again Tovarich! nt

[predfan]

2. What Fiat needs are some supporters like, say, Hundai Richard Shelby and VW Bob Corker

to hound the hell out of American labor.

[Skink]

3. Maybe they could make Diesel electric hybrids for the U.S.

Our Government could even subsidize the supposed losses. I thik Diesel electric is the car that could sustain the Planet for twenty years until Hydrogen cars can be mass produced. Electric car batteries are just going to create a wave of strip mining in South america. Electic cars themselves are years away.

[leveymg]

4. How did Italy all of sudden get so rich? And, we're now Russia.

Driving rusty knock-offs of twenty-year old FIAT designs.

Come, help me drink to Bush-Cheney, the founders of the post American-Soviet Empire, comrades! We are now free, da!