FACTBOX: What Opel's suitors have in mind
(Reuters) - General Motors GM.UL said it had received three final offers for Opel it said it would now discuss with European governments and the trust that currently owns the German carmaker.
Last week it appeared a crippling stalemate between GM and Germany could be emerging over their preferences for competing bids between RHJ International (RHJI.BR) and Magna MGa.TO.
Following are details on potential buyers' plans for Opel:
MAGNA
- Strategy
Wants to expand its full-scale car assembly business. It envisions using some of Opel's plants to assemble more models for other car companies through outsourcing contracts. It forecasts high growth rates, particularly in Russia, home of its consortium partners Sberbank SBER03.MM and GAZ (GAZA.RTS).
- Shareholding
Magna and Sberbank would each hold 27.5 percent. Around 10 percent would be taken up by Opel workers and 35 percent will remain with GM.
- State guarantees
Says it needs 4.5 billion euros ($6.4 billion) of guarantees from the German government.
- Equity investment
Will invest 500 million euros in Opel. Only a portion would be strictly considered equity and the remainder could be convertible debt.
- Jobs
Around 10,000 of the total 50,000 jobs across Europe would slashed. Some 25 percent of the cuts would be in Germany.
- Plants
Could close Belgium's Antwerp and Britain's Luton plants.
RHJ (RHJI.BR)
- Strategy
Shrink Opel production footprint to a more manageable level to return the company to profitability. Could sell on the company in the future, possibly even back to GM.
- Shareholding
RHJ to hold 50.1 percent stake, while GM retains 39.9 percent. The remaining 10 percent would be held by workers.
- State guarantees
Needs German state guarantees totaling 3.8 billion euros, to be paid back in full by 2014.
- Equity investment
To pay 175 million euros at closing plus 100 million euros on December 31, 2012
- Jobs
To cut about 10,000 jobs throughout Europe, of which 8,100 in manufacturing
- Plants
To close Antwerp by March 2010, mothball Germany's Eisenach for next two years
BAIC
- Strategy
Has dangled the prospect of being able to help Opel expand its market share in China.
- Shareholding
Wants to buy 51 percent. The rest would be kept by GM.
- State guarantees
State aid of around 2.64 billion euros is needed.
- Equity investment
Sources say it will invest 660 million euros in Opel.
- Jobs
Around 7,600 jobs would be cut Europe-wide, including 3,000 in Germany.
- Plants
To idle production at Antwerp through March 2010, considers closure, also to mothball Eisenach for next two years.
(Compiled by Angelika Gruber, Marilyn Gerlach and Maria Sheahan; Editing by Dan Lalor)
($1 = 0.7063 euro)
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