A second bidder has thrown its hat into the ring for General Motors’ Vauxhall and Opel brands, according to the New York Times. General Motors had planned to sell its European operations to a consortium involving Canadian car parts maker Magna and a Russian bank, but this bid appears to be in trouble.
R.H.J. International, a Brussels-listed industrial holding company, is looking to acquire a majority stake in the European subsidiary, Adam Opel, which includes the operations of Vauxhall in Britain. “These discussions have been taking place over a number of weeks and are at an advanced stage,” R.H.J. said.
Magna International and Sberbank, a Russian lender controlled by the Kremlin, signed a tentative deal to acquire majority ownership of Opel in late May, just before G.M. sought protection from its creditors in a U.S. bankruptcy court.
Report compiled by Find a Part - Car Parts Search Specialists Since 1978.
