BREAKING: FIAT Group Submits Offer for GM's Opel and Vauxhall Units

Italy's Fiat Group has just issued a 'Spartan' press release announcing that today it has officially submitted an offer for General Motors' European businesses of Opel and Vauxhall. The Italian automaker did not disclose any details whatsoever on the offer but it did say that should the transaction be concluded, it would create a new company encompassing the activities of Fiat Group Automobiles (including its stake in Chrysler) and Opel. We'll keep a close eye on this developing story and will pass on any information as soon as we come across it.