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Germany wants Opel sold to Magna

Posted Thursday, Jul 16, 2009, 11:13 am in Employee News

Germany is threatening to withdraw its offer of state aid if GM sells Opel to any company other than Magna International Inc., says The Wall Street Journal.

According to the story, GM is growing cool on Magna after failing to bridge differences over issues including access to GM technology and world markets. Instead, the story claims GM is closing in on an alternative agreement with RHJ International, a Brussels-based holding company. A third bidder, Beijing Automotive Industry Holding Co. of China, is also considered a contender.

The story claims GM is confident that Germany wouldn’t block a sale to RHJ, risking Opel’s bankruptcy so close to political elections in the country. (The Wall Street Journal)
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