European Union
European Union
GM vice chairman Steve Girsky, sent to Europe to save Opel, runs into Fiat-Chrysler CEO Sergio Marchionne in an airport, days after Marchionne again slashes Fiat's 2012 production targets. Together, they come up with an elegant solution to their mutual problems. They decide to break up GM and Fiat-Chrysler, merging Fiat with Opel, and Chrysler with the rest of GM. To sweeten the deal for the European side of the transaction, Marchionne decides to throw in cash-rich Ferrari.


By Alex Taylor III, senior editor-at-large @FortuneMagazine - Last updated December 29 2011: 5:20 AM ET
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