Belgium's RHJI reveals talks for majority Opel stake

14th July 2009, Comments 0 comments

Belgium-based holdings company RHJ International announced on Monday that it was in talks with General Motors about buying a majority stake of German auto-maker Opel.

BRUSSELS - "These discussions have been taking place over a number of weeks and are at an advanced stage," RHJI said in a statement from Brussels.

Canadian auto parts maker Magna had been the front-runner to take over the Adam Opel business, which includes Vauxhaul in Britain.

Late in May, Magna and GM signed a letter of intent concerning Opel under the aegis of the German government, which is to provide substantial financial support for the deal, but talks have occasionally stumbled since then.

Sources with knowledge of RHJI's discussions with Opel, cited by Belgium's Flemish-language De Standaard newspaper, said the company was working on an "improved offer", which would be submitted Monday or Tuesday.

RHJI describes itself as "a diversified holding company focused on creating long-term value for its shareholders by acquiring and operating businesses".


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