Unpopular buy-back clause still part of Opel bid
27 July 2009

RHJ International, the Belgian private equity firm bidding for Opel, will not rule out a selling the company back to General Motors, RHJ's chief executive has told a German newspaper.

This clause is understood to be unpopular with Opel’s labour force, who have demanded that GM refrain from hopes of buying back the company.

German chancellor Angela Merkel has said Magna is Germany's preferred partner for Opel.

GM is said to be keen to keep its options open and is understandably in favour of RHJ as the new owner.

The CEO of the Belgian private equity firm, Leonhard Fischer, said Opel’s future depended on the involvement of GM.

"Let us be pragmatic,” he said. “It won't work without General Motors.”

RHJ and Canada's Magna submitted bids to buy Opel on 20 July.

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