Fiat pulls out of Opel talks
posted : 05/29/2009 04:29 GMT comments : 0
Fiat has said it would not attend in a dispute over financing
Fiat has pulled out of talks with the German government over its bid for car maker Opel, saying that Berlin's demands on the deal are "unreasonable".
In a statement, the Italian car maker said that it remains interested in General Motors Corp's European unit.
Fiat CEO Sergio Marchionne said a requirement that Fiat provide Opel with emergency funds while the government decides the timing and conditions of bridge financing would expose the Turin-based company to "unnecessary and unwarranted risks".
Mr Marchionne said in the statement that it was "unreasonable" to expect Fiat to provide such funding because it had not yet had full access to Opel's financial records and could not determine its exact condition.
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