Mergers and Acquisitions Update: GM & Fiat Controversy, Sprint Board Mulls Metro PCS
There is a contradiction in today’s news from Italy regarding a possible purchase of General Motors Company’s (NYSE:GM) Opel business by Fiat (FIATY.PK). The newspaper Il Sole 24 reported that Fiat wants to renew talks between the two parties over such a deal, but later GM company executive Steve Girsky said once again that Opel is not for sale, declaring that, “Opel is a fully integrated part of GM’s global footprint and vital for GM’s future success in Europe.” Fiat has once before attempted to acquire Opel in 2009, but the newspaper now says that it wants it for free.
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The board of Sprint Nextel Corporation (NYSE:S) scheduled a noon phone meeting to discuss the possibility of renewing its pursuit of Metro PCS Communications (NYSE:PCS), according to sources. The same board turned down what appeared to be fait accompli for the firm back in February, at which time Sprint shares were trading at $2, but since the rally to $5 along with the progress made on the network upgrade and the successful iPhone investment, directors might now have a different scenario to evaluate.
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