Offer increased to £300 million
28 July 2009

Magna has improved its offer to buy Opel/Vauxhall from General Motors, according to a German government source.

Magna had originally offered 100 million euro (£86.5m) for Opel/Vauxhall, which it would have invested in two 50m euro (£43.25m) chunks.

But a source close to the talks said: “Magna is now offering 350m euro [£302.5m] of its own capital immediately. Furthermore, there should be a 150m euro [£130m] convertible bond.

Magna is currently bidding against Belgian private equity firm RHJ International for Opel/Vauxhall and the German government is said to favour the RHJ offer.

The state will provide financial aid to whichever bidder successfully takeover Opel/Vauxhall from GM.

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