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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Re: Opel decision delayed again
No wonder GM are in a mess. By delaying until October, they miss the German elections and the pressure that puts on job retention. They will then try and borrow the money to retain Opel. Who is going to lend them this given they don't have a realistic plan to return to profit? GMs share is sliding in the US and their credit rating remains at rock bottom. The last thing Opel/Vauxhall needs is continuing GM ownership.