The destitute Alfa Romeo company approved its takeover by fellow Italian automobile manufacturer Fiat, shortly after rejecting a takeover bid by the Ford Motor Company


Thursday 6th November 1986

The destitute Alfa Romeo company approved its takeover by fellow Italian automobile manufacturer Fiat, shortly after rejecting a takeover bid by the Ford Motor Company. Alfa Romeo was founded by Nicola Romeo in 1908, and during the 1920s and 1930s produced elegant luxury racing cars like the RL, the 6C 1500, and the 8C 2900 B. Alfa Romeo saw its peak business years during the 1950s and 1960s, when Alfa Romeo chairman Giuseppe Luraghi oversaw a company shift toward more functional and affordable cars. The Giuletta, the Spider, and the Giulia series received enthusiastic responses from consumers, and Alfa Romeo flourished. However, during the 1970s, the company fell out of touch with a changing market, and, like many other automobile companies, failed to meet the demands of recession-era consumers who preferred fuel efficiency and reliability to luxury and design. By the mid-1980s, Alfa Romeo was bankrupt, and Fiat took over the company, assigning it to a new unit called Alfa Lancia Spa, which opened for business in 1997.


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