MILAN (AFP)--Fiat SpA (F.MI) is bidding to buy part of Germany's
Opel, a subsidiary of struggling U.S. auto giant General Motors
Corp. (GM), with assets instead of cash as it did with Chrysler, a
spokesman for the Italian firm said Tuesday.
"Fiat will not be bringing cash but will offer its assets in
exchange" for part of Opel, the spokesman told AFP, without giving
further details.
The German government, which has offered guarantees for
potential investors in Opel, has set Wednesday as a deadline for
bids to buy the car maker.
Fiat earlier negotiated a 20% stake in bankrupt Chrysler in
exchange for its production technology and can increase that to a
controlling 51%share in the U.S. auto maker as long as Chrysler
repays state aid.
Fiat has said it plans to create a new company that would group
its auto interests including the Fiat, Lancia and Alfa Romeo brands
with GM's European operations including Opel, and to list it on the
stock market.