Germany rejects improved offer for the Opel RHJ

Germany rejects improved offer for the Opel RHJ

The German government rejected the new offer Belgian investment fund RHJ International Opel reception from the American group General Motors and reiterated support for the proposed acquisition of Magna advanced, according to Mediafax.

"Preference for Magna remains after evaluating the bids (a RHJ - No), said Wednesday at a press conference, spokesman of the Ministry of Economy, Steffen Moritz.

RHJ improved on Tuesday, details of purchase of Opel from 275 million to 300 million euros and reducing demand for aid from Germany of 3.8 billion euros to 3.2 billion euros.

Investment fund is to take 51% interest in Opel and committed to return state aid by 2013, a year earlier than originally proposed.

Magna offer packages aimed at taking some action at Opel 27.5% each by a Canadian company and Sberbank, a holding of 10% would take possession of employees Opel and GM would keep the remaining 35%. Magna and Sberbank would invest 500 million to Opel and the German State guarantees require 4.5 billion euros.


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