Fiat’s existing bid for Opel, the European arm of General Motors, is its best offer, chief executive Sergio Marchionne said, as rival Magna stayed on track to close a deal with the German carmaker.

“I don’t believe we could improve Fiat’s offer. It’s the most rational one we can put forward from an industrial viewpoint,” Mr Marchionne said yesterday on the sidelines of an event. Fiat bid for Opel last month but did not continue into a second round of talks. Mr Marchionne said he had heard talks with Magna were “not going very well”. – (Reuters)