Banks back Fiat bid for car supergroup

Fiat said today three financial institutions were supporting the Italian carmaker's plans to create a global powerhouse by merging with Chrysler LCC and General Motor’s Opel and Vauxhall brands.

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 Britain’s Vauxhall.

The firm was one of three bidders to present offers by yesterday’s deadline for the Opel and Vauxhall brand, as the threat of bankruptcy bears down on their parent company General Motors.

The details of Fiat’s offer have not been released.