Would-be buyers of General Motor’s Opel business have until later on today (20.07.09) to lodge plans for the firm’s future.
Canadian-Austrian car parts maker Magna International is favourite to buy Opel – which includes Vauxhall in the UK.
Magna, backed by Russia’s Sberbank, wants to use Opel to make an aggressive push into the Russian market.
However, Belgium-based investor RHJ International is manoeuvring to try to make a successful bid – with plans to restructure Opel’s operations.
GM was forced to put Opel up for sale as part of its massive restructuring which saw it go into Chapter 11 bankruptcy in the US – before emerging as a leaner company with less debt.
Opel has been placed under the ownership of a trustee in which both GM and the German government have a stake – making the process of deciding a buyer complex.
Source: BBC News