Magna raises its offer to buy Opel
By Andrew C., 27 Aug, 2010. 0 Comments
Magna Logo
The plot thickens as Magna raised its offer to buy Opel from General Motors, according to a source inside the German government. Instead of a 100 million euro offer which it would have invested in two 50 million euro installments, Magna is now offering 350 million euro of its own capital at once.
In addition, there should be a euro convertible bond. Competing against Magna is private equity firm RHJ International that the German government is believed to be favoring. The state will provide financial aid to the bidder that takes over Opel/Vauxhall from GM.
Gallery: Magna Logo
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