Report: Opel sale delayed again until at least October
By Andrew C., 27 Aug, 2010. 0 Comments
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The identity of the new owner of Opel/Vauxhall will remain unknown until at least October. General Motor's board is expected to drag the takeover issue further, according to German business daily Handelsblatt. The GM board has entered a two-day board meeting and reports are saying that it's likely it will delay making a decision until October. The paper claims that GM now prefers to keep Opel, rather than selling it to either RHJ International or Magna International. Despite the German government's obvious preference for Magna, GM's second choice is reportedly RHJ. GM signed an initial agreement in May to sell a majority stake in Opel/Vauxhall to a Russian-backed consortium led by Magna. What deters GM from choosing Magna is because of apprehensions that Magna could transfer important technological expertise to its Russian industrial partner GAZ, which is the country's second largest manufacturer behind GM.
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