RHJ Close to Snatching Opel

And the saga continues. This time, the main character is RHJ International which is reportedly close to snatching the German brand Opel. As you probably known from the millions of reports on the matter, Canadian - Austrian parts manufacturer Magna International is seen as the favorite to takeover Opel but several sources familiar with the matter are claiming the German government is still holding talks with a number of different parties.

A story by the Financial Times informs that RHJ has improved the bid for Opel and a MoU with GM Europe is expected to be signed sometime this week. Although details are unclear, it seems like the the Belgium-based equity firm has been particularly interested in domestic jobs and plants, which complies with requirements of the German government.

Fiat's CEO Sergio Marchionne has already hinted that there are some difficulties between Magna and Opel and, although it re-confirmed his interest in taking over the German brand, he emphasized the Italian manufacturer won't improve the bid. "I don't believe we could improve Fiat's offer. It's the most rational one we can put forward from an industrial viewpoint," he said.

Additionally, GM Europe earlier this month said the bid is still open to all interested parties, with some voices revealing China's BAIC has also entered the race for Opel.

“We’re in very active negotiations with several potential partners including Magna, Beijing Auto and Ripplewood,” Chris Preuss, a GM Europe spokesman, was quoted as saying by Bloomberg. “I wouldn’t comment at this point on the status of the talks or the specific details of the negotiations other than to say we have very strong interest in Opel from all the parties involved.”