Fiat’s board of directors met Sunday and gave company CEO Sergio Marchionne the authorization to seek a potential majority stake in GM’s European operations including the purchase of Opel.
“The Board also expressed its full support for the initiative to be undertaken over the next few weeks by its Chief Executive Officer, Sergio Marchionne, to assess the viability of a merger of the activities of Fiat Group Automobiles (including the interest in Chrysler) and General Motors Europe into a new company,” the board said in a statement on Sunday.
The 3-way alliance is expected to generate $105.84 billion in revenue a year.
A new company? According to the Wall Street Journal, Sergio is setting...
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