Fiat to close Chrysler deal, shares rise
GERMANY
Fiat has had a harder time of persuading people in Germany of its plans to create a world giant in car industry.
It lost out to Canadian car parts market Magna International for General Motors Corp's Opel unit although the government invited it to improve its bid.
The sale is part of GM's restructuring, which saw it enter court protection on June after Chrysler sought bankruptcy on April 30.
Erich Merkle, an independent auto analyst based in Grand Rapids, Michigan, said the court's decision on Chrysler was good news for GM because it was using a similar quick-sale strategy to facilitate its way through bankruptcy.
(Additional reporting by Giancarlo Navach)
(Editing by David Cowell)
© Thomson Reuters 2009 All rights reserved
Commentary
Do these people have reason to smile?
Will the dreary economic New Normal create a political opening for Lou Dobbs, Michael Bloomberg or Sarah Palin -- or someone else with high visibility, deep pockets or both? Blog
Bomb caused Russian train crash