German Government: Not Closing Talks With Other Opel Bidders
04 Juni 2009 - 4:10PM
Dow Jones News
The German economics ministry Thursday said it is not closing
talks with alternate bidders to Magna International Inc. (MGA) for
Adam Opel GmbH, the German unit of General Motors Corp. (GM).
An economics ministry state secretary, Jochen Homann, said that
the government can't rule out the possible failure of Magna's
offer. Magna has said it expects to sign off on the deal in four to
five weeks and aims for Opel entry in September, after being
selected by the German government as the frontrunner.
"There is always a risk that it won't be successful in the end,"
Homann said, repeating remarks by Economics Minister Karl-Theodor
zu Guttenberg, who cautioned Wednesday that Magna's offer is
non-binding.
Fiat SpA (F.MI) has presented a plan to acquire Opel, as has the
U.S.-based investment group Ripplewood.
Homann also said that a Chinese bidder, Beijing Automotive
Holding, has now presented a plan for Opel. A delegation from the
company has told the German government it is interested in a second
chance, should the deal with Magna fail.
-By Andreas Kissler, Dow Jones Newswires, +49 (0)30 - 2888 4118,
andreas.kissler@dowjones.com