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August 18, 2009

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Germany meets on Opel bids

GERMAN state and federal government officials met in Berlin yesterday to discuss the future of General Motors Co's unit Opel, for which two rival bids have been proposed.

Chancellor Angela Merkel last Friday reiterated the government's preference for an offer from a consortium of Canadian car parts maker Magna International Inc and Russian lender Sberbank.

Neither Magna nor the competing bidder, investment company Brussels-based RHJ International SA, were expected at the meetings yesterday.

An economy ministry spokesman, Stefan Moritz, said the meetings were an opportunity for working groups from the federal and state governments to come together to analyze both offers more closely.

He said, however, the final decision on which to accept lies with GM.

Last week, Magna reworked its offer, addressing concerns of the parent company.


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