General Motors has stepped up negotiations with rival suitors to offload a stake in Vauxhall/Opel, its European carmaking businesses, and could sign at least one memorandum of understanding this week as talks with preferred bidder Magna International have hit obstacles.
RHJ International, the Belgium-based industrial holding company, has improved its earlier bid and GM is reported to be taking it ‘very seriously’.
One source said: “GM’s negotiating team would love to see if we can get two very solid definitive agreements sketched out from which to choose.”
China’s Beijing Automotive Industry Corporation is also expected to present an improved offer. But it entered the sales process later and has not progressed as far as RHJ and Magna. Italy Fiat has also expressed an interest but has offered no cash.
While Magna remains in pole position, negotiations are said to have hit an obstacle over access to GM’s global technology, which the Canadian company wants to secure.
Source: Financial Times