German Government: Sweeten Your Offers, Opel Suitors
May 27, 2009
BERLIN -- The German government is pressing the bidders for Opel to add last-minute
sweeteners to their offers before officials select the preferred partner for General Motors' German subsidiary.
German Chancellor Angela Merkel's administration has been considering offers from Italy's Fiat, Canadian auto parts supplier Magna International and Belgium-based industrial holding RHJ International.
China's Beijing Automotive Industry Holding Co. made a bid on Tuesday but it is unclear if it made the deadline or will be seriously considered.
Meantime, Opel's board Tuesday consolidated all of GM's European assets, including Vauxhall in the United Kingdom and all European factories, into Opel. The consolidation is intended to help facilitiate investment in the entity.
GM will make the final decision on who gets Opel. However, the German government has a big say since it has been asked to guarantee billions in loans for the restructuring.
Posted by Michelle Krebs at 7:18 AM under Companies , GM , News | Comments (0) | digg this | Seed Newsvine
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