FACTBOX: Bidders past and present for GM's Opel

Tue Jun 30, 2009 7:45am EDT
 
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(Reuters) - The fate of General Motors Corp's German unit Opel took a twist on Tuesday when the Financial Times reported Belgium-based RHJ International -- thought to have been out of the running -- was close to reaching a deal.

Canadian-Austrian auto parts maker Magna International saw off other suitors to clinch a last-minute preliminary agreement for Opel in May, just before parent GM filed for bankruptcy. The two parties are hammering out details and aiming to have a definitive deal in place by mid-July, but Germany has said the race is not closed to other bidders.

Below are key facts about current and former bidders:

MAGNA

Magna, in partnership with Russian bank Sberbank Rossii and carmaker GAZ, has a plan involving investment of up to 700 million euros in Opel, with credit lines guaranteed by the German government.

Magna wants Opel and GM to gain 20 percent of the Russian market in the short term, and eventually sell 1 million units there. Magna wants to leave existing GM Europe managers to run the group and pledged to keep all four Opel plants in Germany.

Under Magna's plan, GM keeps a 35 percent equity stake in Opel, Sberbank gets 35 percent, Magna takes 20 percent, and Opel's employees 10 percent.

FIAT SPA

Fresh from signing an agreement with Chrysler, Fiat CEO Sergio Marchionne revealed plans to create a European auto giant with the scale needed to survive the crisis.

Under the "Phoenix" plan, Fiat -- Europe's sixth-largest carmaker by sales in 2008 -- said it wanted to combine GM Europe's Opel, Vauxhall and Saab brands, GM Mercosul (Brazil, Argentina, Uruguay, Paraguay) and GM South Africa with Fiat group brands Fiat, Alfa Romeo, Lancia and LCV.

Since Magna reached its Opel agreement, Fiat has said it is still interested but its current offer is the best it can do.

The company is also taking a stake in Chrysler and has said that is its priority.

RHJ

RHJ has not revealed details of its bid for Opel, or even confirmed or denied it made a bid. The Belgium-listed company has historically invested heavily in Japan and also focused on the automotive parts sector.

The Financial Times reported on Monday that RHJ was close to a deal, after its initial bid had been improved, and showed more sensitivity to job losses in Germany.

RHJ, whose holdings include a 60.18 percent stake in Japanese cast autoparts maker Asahi Tec Corp, could sign a memorandum of understanding this week, the FT said.  Continued...

 

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Thursday, 13 Aug 2009 03:30pm EDT 
Magna says resolves final Opel issues with GM
Thursday, 13 Aug 2009 09:38am EDT 

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