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Magna sweetens bid for GM’s Opel unit
Magna sweetens bid for GM’s Opel unit
Posted Wednesday, Jul 29, 2009, 1:13 pm in Employee News
Magna International Inc. and its Russian-based partner OAO Sberbank improved their offer for General Motors Co.’s Opel division to $497 million in cash and $213 million in debt, the Detroit Free Press reported.
An initial offer called for just $142 million in cash, the paper said. Magna, the largest Canadian auto parts maker, and Sberbank would each own 27.5 percent of Opel, leaving GM with 35 percent and Opel employees with 10 percent, the Free Press said.
GM chief negotiator John Smith has called a competing offer from Belgium private equity fund RHJ International “easier to implement.” But the German government, which has agreed to provide more than $2 billion in short-term loans for Opel’s sale, prefers the Magna-Sberbank bid, the story said. (Detroit Free Press)
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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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