RHJ steps up its Opel offer
GENERAL Motors is rekindling talks with bidders for its European Opel unit and is thought to be close to signing a memorandum of understanding with RHJ, suggesting talks with lead bidder Magna have stalled.
Canadian group Magna is understood to remain the preferred bidder – after signing a memorandum to buy 55 per cent of Opel with Russian Sberbank last month – but talks have run into problems after a disagreement over its access to GM’s global technology.
RHJ has put forward an improved offer, which is believed to take a softer line on the sensitive issue of job losses in Germany, which is providing €1.5bn (£1.3bn) of bridge finance to keep Opel stable while parent GM goes through bankruptcy proceedings in the US.
And another contender, China’s Beijing Automotive Industry Corporation (BAIC), is also tipped to be back in the process, having tabled a new offer for Opel.
However, BAIC entered the sale process later than the other companies and talks are therefore less advanced.
GM, RHJ and Magna were all unavailable for comment last night.
Meanwhile, Toyota is understood to be considering a deal to supply a version of its Prius hybrid car to GM.
A car carrying the GM badge but based on the Prius is one of the plans being considered for the firms’ jointly-owned California-based factory, after GM said the company would end assembly of the Pontiac Vibe there earlier than planned.
Toyota President Akio Toyoda and GM chief executive Fritz Henderson will discuss the plans in August.