Magna Says Opel Issues Solved

Magna International, the Canadian - Austrian parts manufacturer who's still in the race for securing the Opel deal, says it has resolved all the issues General Motors spotted in the takeover proposal. The company submitted a new offer yesterday which the American manufacturer says it will review in the upcoming days.

"We have resolved all open issues within our proposal. The proposal is with General Motors. To my knowledge, GM has not announced a decision," Magna spokeswoman Tracy Fuerst told AFP on Thursday.

General Motors confirmed it received a new bid from Magna but denied recent rumors claiming that the Canadian - Austrian partsmaker is now in pole position for buying the German unit.

"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," Smith explained.

"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."

Even if negotiations between the interested sides continue, opinions on who's better to own the German manufacturer are still divided. General Motors says RHJ's proposal is much easier to implement as it requires less participation from the German government. German officials on the other hand, including Chancellor Angela Merkel, says Magna International should take control of the majority stake as the offer it submitted is the best Opel could get.
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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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