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Magna offers increased investment Opel from 100 to 350 million euros |
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Canadian manufacturer Magna auto parts increased from 100 million to 350 million euro investment to offer German Opel company, division of U.S. automotive manufacturer General Motors.
"Magna now providing 350 million of equity funds being available. In addition, bonds will be convertible into shares worth 150 million euros," said a source from the german government.
Offer initial group involved Canadian investment of 100 million euros in Opel, allocated in two tranches of 50 million euros each, convertible bonds and 400 billion, according to sources close to negotiations.
Offer improved Magna occurs when the German government criticized the value of investments that all three tenderers for Opel and Magna, the Belgian RHJ International and the Chinese Beijing Automotive, are willing to make the German company.
GM's European division announced last week that he would negotiate with the Magna and RHJ. Beijing Automotive has not been mentioned in the notice. Sources close discussions have indicated that GM prefers the Belgian offer. Meanwhile, authorities in Berlin have expressed preference for the offer by Magna. Source: http://www.wikio.com/
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