GM Europe’s president believes Magna will win Opel bid

General Motors Europe president Carl-Peter Forster said that Magna International Inc. is most likely to win the ongoing bidding war for Opel.

“Magna is the most likely for me because all conditions have been met, the contracts have been negotiated and the financing is in place,” Forster told the Die Welt newspaper.

Forster also thinks that Opel can thrive under General Motors, reports Automotive News. “If General Motors can establish worldwide standards while at the same time allowing regional freedom to create cars that work in the given markets, then Opel can thrive under GM,” he said.

Belgian finance investor RHJ International, who is also bidding for Opel, recently rose the stakes by asking for only 3.2 billion euros in state aid, which it said it will pay back by 2013.

– By: Omar Rana