Foreign Bidders See Opportunity in Detroit Mess

As GM, Chrysler spin off units in their wake, the global auto landscape shifts
By Clay Dillow,  Newser Staff
Posted May 7, 2009 8:25 AM CDT
A Fiat logo is seen at a dealer of the Italian car manufacturer in Frankfurt, central Germany, Monday, May 4, 2009.    (AP Photo/Michael Probst)
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(Newser) – With Chrysler in bankruptcy and General Motors at the precipice, foreign companies are preparing bids for parts of the US auto industry, the Wall Street Journal reports. The result will be a broad global reshuffling as companies like Italy’s Fiat, France’s Renault, and even China’s Geely buy pieces of shattered American giants. For buyers, that means more choices and lower costs.

If Chrysler emerges from bankruptcy, Fiat is positioned to take a major stake as well as the CEO position. Fiat is also working on a deal for a controlling stake in Opel, the core of GM’s European business. Geely is angling to acquire GM’s Saab unit, while Renault is trying to strike a deal with GM’s Saturn dealers to sell its cars.