Magna still favourites for Opel

General Motors Europe president Carl-Peter Forster has said Magna is the more likely firm to win the bidding for Opel, rather than its rival RHJ.

Speaking to Die Welt newspaper in Germany, he said: “Magna is the most likely for me because all conditions have been met, the contracts have been negotiated and the financing is in place.”

However, Forster also claimed Opel could continue to thrive under GM ownership and he didn’t rule out the possibility of it not being sold.

“If General Motors can establish worldwide standards while at the same time allowing regional freedom to create cars that work in the given markets, then Opel can thrive under GM,” he said.

GM has been considering other options for Opel rather than sell it. The Wall Street Journal reported yesterday that GM could contribute more than 1 billion euro (£875,000) of its own money to retain Opel, while governments in the UK, Spain and Poland would match that amount.

German Economy Minister Karl-Theodor zu Guttenberg has said he expects a “fundamental decision” on the future of Opel next week.

He said there were offers from RHJ and Magna ready to be signed and GM should “give in” and finally sell the firm rather than hang on.

Chancellor Angela Merkel said she still expected Opel to be sold by GM. “We have no indication that GM is moving away from an investor-based solution,” she said.

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