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Germany's Economy Ministry spokesman Steffen Moritz said that Germany and the Berlin authorities maintain their "preference for Magna" in Opel's sale. He said the Berlin government and the four German federal states with Opel plants expect the Board of Directors of General Motors decide next week what the future of Opel. "The preference for Magna remains even after reviewing this" new bid.
Meanwhile, the works council of German car manufacturer Opel has also rejected the revised offer from Belgian investment group RHJ International.
The head of Opel's works council, Klaus Franz, said the new offer of RHJ International is a "publicity stunt" and that the announcement of increased equity investment in just 25 million euros ($ 35 million ) is a bad joke. This explains well why Germany refused Opel's better financial deal and stays faithful to previous commitment.
Written by Armen Hareyan
Materials from Bloomberg and Diario Financiero Online are used in this report.
Posted September 2nd, 2009 by Armen Hareyan
