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GM reports progress in Opel talks
GM reports progress in Opel talks
Posted Friday, Aug 7, 2009, 11:15 am in Employee News
General Motors Co.’s chief negotiator in the talks for the sale of its German-based Adam Opel carmaker reported progress Thursday in discussions with bidder Magna International Inc., The Detroit News reported.
But several issues in the complex Magna proposal still had to be resolved, the executive said. GM Group Vice President John Smith said in a blog posting that GM had held meetings over the past week with Magna, a big Canadian supplier, and the other remaining bidder for Opel, Brussels-based RHJ International, to discuss their final proposals submitted last month.
“As the RHJI proposal is the simpler of the two, there were very few significant issues with this offer, so most of our time has been spent working with the Magna/Sberbank team,” Smith said, referring to Magna’s partner, Russia’s state-control Sberbank. “We started the week with about 30 issues to resolve, including New Opel involvement with Chevrolet in Russia, intellectual property transfer rights in Russia, advanced technology access, product development responsibilities, minority shareholder rights and other items.” (The Detroit News)
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Rick
Nitro Year: 2007 (1 of 113,000 sold)
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