There are a number of reports starting to circulate, stating that General Motors may be working on a financial plan that will allow it to retain it’s ownership of Opel.
The whole story starts with a report in the Wall St Journal that I can’t access, but it’s covered elsewhere as well.
General Motors is looking at shelving a German-backed bailout of its Opel European car arm, the Financial Times reported. The U.S. carmaker and its advisers are instead considering raising about 3 billion euros ($4.3 billion) of rescue funds for Opel and its British Vauxhall brand from the U.S. and other European governments, including the U.K. and Spain.
These reports are quite fresh and there are still reports going around that negotiations are taking place for Opel’s sale. I guess it’s pretty early to say what’s going on with any particular authority, but the way GM’s been stalling on this transaction, it’s not overly surprising.
For those who are worried that they might try and pull the same stunt with Saab, bear in mind that the deal signed with Koenigsegg Group last week was a binding agreement. The Saab transaction will go ahead.
Magna were merely nominated as a preferential bidder early in the piece. It seems they’re still the preferred bidder in the German government’s mind, but GM prefers RHJ International, and that may only be if they’re forced to sell.