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GM board reviews final bids for Opel
GM board reviews final bids for Opel
Posted Friday, Aug 21, 2009, 11:01 am in Employee News
General Motors Co.’s board is expected to review final bids for its Opel subsidiary today amid mounting pressure from Germany to accept an offer from Magna International Inc., The Detroit News reported.
The German government said it would provide $6.4 billion in loans to Adam Opel GmbH if GM selected the bid from a Magna-led consortium, the News said. The government isn’t extending the offer to a rival bid for Opel from Brussels-based RHJ International SA, German Deputy Economy Minister Jochen Homann told Reuters this week.
GM has not stated a preference, but its chief negotiator, John Smith, described the RHJ bid as simpler and easier to implement than Magna’s complex offer, the paper said. A third alternative — putting Opel through bankruptcy — is possible but very unlikely, the News said. Magna, a Canadian supplier, proposes to acquire 27.5 percent of Opel, with Russia’s Sberbank taking an equal stake. GM would keep 35 percent, and Opel employees would get 10 percent, the story said. (The Detroit News)
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Rick
Nitro Year: 2007 (1 of 113,000 sold)
Nitro Model: R/T 4X4 Stone White
CAT-BACK Exhaust, CAI, Projector Head Lamps
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