Continuing the already very confusing issue of General Motors’ sale of Opel (or it trying to keep it), Belgian finance investor RHJ International said today that it is raising the stakes in its ongoing bidding war with Magna for GM’s German brand.
According to a report in German daily Rheinische Post, RHJ said that it is now offering 300 million euros ($430.8 million) in cash for a 50.1 percent stake in Opel and would ask for only 3.2 billion euros in state aid. It said that it plans to pay back the state aid by 2013.
The spokesman told the newspaper that the cuts in investments or product plans would need to be made as a result of RHJ’s new and improved bid.
RHJ had originally offered 275 million euros in cash and had requested 3.8 billion euros in government loan guarantees.
It was recently reported that GM is considering raising $4 billion in a bid to keep Opel.
– By: Stephen Calogera