August 20, 2014
ROME (AP) - Fiat Group SpA is confirming it's in talks to acquire General Motor's European operations, to possibly create a new company that would also include newly acquired Chrysler.
Fiat said in a statement Sunday it's evaluating the possible spinoff of its auto business to form the core of the new company. Fiat Group Automobiles includes the Fiat, Alfa Romeo and Ferrari brands.
Combined, the new company would have euro80 billion ($105 billion)
in annual revenues.
The statement was issued on the eve of a meeting in Berlin between Fiat Group CEO Sergio Marchionne and the German economy and foreign ministers to discuss Fiat's offer for GM's German unit, Opel.
GM has been trying to find investors for its noncore and unprofitable assets to help stave off collapse.
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