Germany Says Opel Will Be Sold This Week

Even if some officials close to the matter hinted that there's no chance to see Opel finding a new investor sooner than the September elections, German economics minister Karl-Theodor zu Guttenberg said today that General Motors might make a decision this week and decide who's the one to take Opel's controlling stake.

"We are hearing that the administrative board of GM will meet at the end of the week and that the board then has to make a statement in principle," he was quoted as saying by

According to various media reports, GM's board will meet on Friday to discuss the two offers, the same day when Opel expects to find the name of the new owner. Nevertheless, in case officials of the involved parties identify new issues in the takeover proposal, the decision could be delayed one more time.

John Smith, GM Group Vice President (and GM’s chief negotiator for the sale of a stake in Opel/Vauxhall), said last week that General Motors would need several days to consider Magna's new offer and compare with an "attractive" proposal submitted by RHJI on July 20.

"We’ve also asked the German automotive task force to provide GM an outline of the terms and conditions of the financing package they and other European governments would make available to NewOpel. We expect to receive this outline soon, which will round out the materials needed for the GM Board review," he said last week.

"After the GM Board makes its recommendation, the Opel Trust Board will be asked for its approval. So, there is more to consider, and more to do, before an agreement for Opel is reached." 
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About the author: Bogdan Popa
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Bogdan keeps an eye on how technology is taking over the car world. His long-term goals are buying an 18-wheeler because he needs more space for his kid’s toys, and convincing Google and Apple that Android Auto and CarPlay deserve at least as much attention as their phones.
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