AMS Sweden are reporting that GM’s decision on Opel may take a little longer – still – than what people hoped.
The new GM board are meeting Monday and Tuesday, for the first time since emerging from bankruptcy, and it was hoped that the RHJ and Magna deadlock could be broken during this time.
Carmaker General Motors and Germany will not decide on Tuesday which bidder will succeed in buying Opel, GM’s chief negotiator John Smith said at the start of a round of meetings in the German capital.
“If you’re asking me to select one bidder, no,” Smith told reporters as he went into meetings with officials from the German government and from the two main bidders — Canadian supplier Magna and financial investor RHJ International.
And from Bloomberg:
German Chancellor Angela Merkel will have to be involved to end a deadlock over the future of General Motors Co’s Opel division, according to Klaus Franz, Opel’s top labor leader.
While Germany backs Magna International Inc. as the buyer of the carmaking unit, GM chief negotiator John Smith has said an offer from Brussels-based investor RHJ International SA offers a “simpler solution.” A meeting of GM’s 13-member board yesterday failed to come up with a recommendation, as German officials gather today to hold talks with the two bidders.
“It’s inevitable that Merkel will have to be involved,” Franz said in a telephone interview today. “The Americans have now realized that they’re up against an overwhelming coalition of Germany’s federal and state governments as well as unions.”
Whilst GM have denied it, it is said that they favour the RHJ bid as RHJ may be more willing to sell their stake back to GM in the future.
Auto Motor and Sport say that the Opel negotiations are not effecting the Saab transaction at all.
The original. The Googletrans:
The deal between Saab and the supposed new owner Koenigsegg Group unaffected. It is expected a final clearance to come shortly. But for the Volvo PV means further pending the clearance when the owner of Ford Motor Company stated that it does not take any decisions until Opel affair is settled. Ford’s hope is that the company missed Opel instead might be interested in Volvo.
I’ve had recent conversations with two Djup Strupes, both of which support this position, with one going as far as saying that a deal is now ‘very close’ to being signed.