Three financial institutions are supporting the Italian automaker Fiat's plans to create a global powerhouse by combining the company with Chrysler LCC and General Motor's Opel and Vauxhaul brands, AP quoted Fiat as saying in a statement Today. The Italian banks Intesa Sanpaolo and Unicredit along with Goldman Sachs will assist Fiat in carrying out its plans to spin off Fiat Group Automobiles into a new company, which Fiat plans to combine with Chrysler and, if its bid is accepted, with Germany's Opel and the Britain's Vauxhall. The banks will assist the automaker with listing the new company on European financial markets, Fiat said. «Our long-standing relationship with these houses, who have been close and participative in the reshaping of Fiat in the last few years, gives us the required comfort and assurance to undertake these efforts», said Sergio Marchionne, chief executive of Fiat S.p.A. «Their strength and financial expertise will ensure that we will develop and deliver the optimal structures for the Group going forward, for the ultimate benefit of all stakeholders.» The Italian automaker Fiat Group SpA was one of three bidders to present offers by Wednesday's deadline for Germany's Adam Opel GmbH and the British Vauxhaul brand, as the threat of bankruptcy bears down on their parent company General Motors Corp. The details of Fiat's offer have not been released.
