General Motors Company said today that it is taking more time to negotiate a deal with Magna and RHJ International over the planned sale for Opel. Both Magna and RHJ have been asked to improve their bids for Opel to win government backing. GM is relinquishing control in return for state sport.
Those involved with the talks were expected to recommend one of the two bidders to the new board of directors on Monday. Instead, during the meeting, the board was merely brought up to speed on the talks as negotiations are still dragging on.
GM, along with German government officials, are expected to meet with Magna and RHJ to further discuss the sales process.
It is reported that Germany prefers the Magna offer and GM likes RHJ’s bid.
– By: Omar Rana