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GM close to Opel deal with RHJ

Published: June 29 2009 19:23 | Last updated: June 30 2009 00:02

General Motors has stepped up negotiations with rival suitors to offload a stake in Opel, its European carmaking business, and could sign at least one memorandum of understanding this week as talks with Magna International, the preferred bidder, have hit obstacles.

RHJ International, the Belgium-based industrial holding company interested in Opel, had improved its earlier bid and GM was “taking it very seriously”, said a person close to the sale process on Monday, who added that a memorandum could be signed within days.

“GM’s negotiating team would love to see if we can get two very solid, definitive agreements sketched out from which to choose,” the person said.

RHJ’s new offer was said by this person to have taken more account of political sensitivities over job losses in Germany, which is providing €1.5bn ($2.1bn) of bridge finance to keep the carmaker afloat as GM goes through bankruptcy proceedings in the US ...more details in FT