Carmakers out for loans

Peugeot and Fiat are in talks with their banks about securing syndicated loans as consolidation in the industry gathers pace. Peugeot is attempting to refinance a Eu2.4bn facility, while Fiat’s money would be used to back its bid for GM’s European operations. Intesa Sanpaolo and UniCredit are among Fiat’s lead banks. Commerzbank, meanwhile, is thought to be helping to arrange a loan of about Eu4bn for Magna, the Canadian car parts group, to back its rival bid for Opel and Vauxhall.