Interesting that the ‘serious’ newspapers — the FT and Sunday Times — have run a version of our Vauxhall/Opel sell-off story from last week’s mag.
For those that didn’t see it, Vauxhall/Opel’s buyer is now most likely to be a company called RHJ International, a Belgian holding company with very strong links to US buyout firm Ripplewood.
These reports are significant, because this week is meant to mark the final, final deadline for the Vauxhall/Opel sell-off. Although my experience of reporting similar stories in recent years suggests we treat the word ‘final’ with some scepticism.
The Canadian/Russian bid from Magna/Sberbank has fallen out of favour for various reason, not the least of which is that GM fancies buying back Vauxhall/Opel in a few years time.
I’m told that a buy-back clause for GM to take back control of Vauxhall/Opel is a key part of the sell-off documentation and the Russians/Magna aren’t too keen on it.