Thursday, September 03, 2009
GM Europe bidder increases offer
RHJ Holding, the Belgian conglomerate, has increased its offer by £22 million to €300m (£263m) to purchase General Motors’ Opel and Vauxhall operations.
The new bid means RHJ will take a 50.1% for a controlling stake in GM Europe and it has also reduced the amount of state aid it said it will need to take on the business from $3.8bn to $3.2bn, which it says it can repay by 2013.
The German government has reviewed the revised bid from RHJ and is still backing its preferred suitor, Magna , the Canadian car assembly and parts group.
Steffen Moritz, spokesman for Germany’s economy ministry, said: “The preference for Magna remains even after reviewing this new bid from RHJ.”
Magna has refused to comment on whether it will also be increasing its bid.
DATED: 03.09.09
FEED: AM
