Rival bidder for GM's Opel says it's clinching the deal

Rival bidder for GM's Opel says it's clinching the deal


RHJ International, a Brussels-listed industrial holding company, said in a statement that it was in talks with GM for acquisition of a majority stake in the European subsidiary, Adam Opel, which includes the operations of Vauxhall in Britain.

“These discussions have been taking place over a number of weeks and are at an advanced stage,” RHJ said.

Magna International and Sberbank, a Russian lender controlled by the Kremlin, signed a tentative deal to acquire majority ownership of Opel in late May, just before GM sought protection from its creditors in a US bankruptcy court.

Magna International and Sberbank, who overcame rival offers from Fiat and from RHJ, as well as a late expression of interest from Beijing Automotive Industrial Holding, said they hoped to have the outlines of the deal inked in by mid-July.

Karin Kirchner, a spokeswoman in Zurich for General Motors, confirmed the companies were holding talks. “We have received proposals from RHJ International and Beijing Automotive,” she said, “and we are in discussions with them.”

General Motors emerged from bankruptcy on Friday, after a 40-day restructuring under Chapter 11.

The New York Times

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