General Motors Company has no intention of reopening the sale process for its Opel brand and wants to complete a deal with one of the two remaining bidders as soon as possible. CFO Ray Young said yesterday that the automaker is looking to wrap up the sale as quick as possible even though GM’s financial position is no longer in immediate threat.
Magna International and Belgium-based investor RHJ International are in the race to buy Opel from GM. Berlin has shown its support for Magna’s offer.
Separately, RHJ improved its bid by stating that it will ask for less than 3 billion euros ($4.25 billion) of state aid as part of a bid for Opel.
– By: Omar Rana