Magna ups its Opel bid

“Magna is now offering Euro 350 million of its own capital immediately,” the source, who is familiar with talks to find an investor for Opel said, adding: “Furthermore, there should be a Euro 150 million convertible bond.” Magna originally wanted to invest just Euro 100 million ($142.8 million) of capital in Opel in two tranches of Euro 50 million, sources said, along with another 400 million in convertible debt. Magna’s improved offer comes after the government criticised the amount of their own capital all three bidders for Opel planned to inject into the carmaker.

GM said last Thursday it had agreed to continue detailed talks with Magna and RHJ.