This report was pubished yesterday at the German version of The Local:
The German government said Wednesday it was “still open” to other bidders for Opel while Canada’s Magna and General Motors haggled over finalising their preliminary agreement.
“The process is still open to all candidates,” government spokesman Ulrich Wilhelm told a regular press briefing, four days after Berlin agreed to support auto parts maker Magna’s bid with loan guarantees and an emergency credit line.
It’s a strange development. It seems that there’s still a little bit of the show to go on, even after the fat lady sings.
I’m sure that the Magna deal will work out, despite these comments.
And do you find it strange, like me, that it’s being referred to as Magna buying Opel, when they’ll actually hold less of the company than either GM or Sberbank?
The split is as follows:
- Magna – 20%
- Sberbank – 35%
- General Motors – 35%
- Workers – 10%