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RHJ offers $388 million for Opel stake: document

BERLIN
Fri Jul 17, 2009 4:05am EDT

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A traffic sign shows the way to the Opel plant in Ruesselsheim July 14, 2009. Belgian holding company RHJ International SA said on Monday it was in advanced talks to buy a majority stake in General Motors Corp’s European unit Opel. REUTERS/Johannes Eisele

BERLIN (Reuters) - Belgian financial investor RHJ International (RHJI.BR) has offered 275 million euros ($387.6 million) for a 50.1 percent stake in General Motors' Opel business, according to RHJ's takeover offer for the German carmaker obtained by Reuters.

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The offer, which envisions production cutbacks and pay cuts for staff, sees Opel posting a positive cash flow before funding of 1.0 billion euro by 2011.

Apart from RHJ, Canadian auto parts maker Magna (MGa.TO) is in talks about taking a stake in Opel, as is Chinese carmaker Beijing Automotive (BAIC).

(Reporting by Gernot Heller, Writing by Nicola Leske)
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