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Opel decision delayed again
08 September 2009
General Motor’s board is expected to further delay its decision on who will takeover Opel/Vauxhall, according to German newspaper reports.
German business daily Handelsblatt said the GM board was starting a two-day board meeting today and it was likely to decide on delaying a decision until October.
The paper claims GM’s preferred choice is now to keep Opel, rather than sell it to either RHJ International of Magna. Its second choice would be for a deal with RHJ, despite the German government’s pressure to sell to Magna.
GM signed an initial agreement in May to sell a majority stake in Opel and its British sister brand Vauxhall to a Russian-backed consortium led by Magna.
But GM executives are worried that Magna could transfer important technological expertise to its Russian industrial partner GAZ, which is the country’s second largest manufacturer behind GM.
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