Belgian investment company RHJ International SA (RHJI.BT) is seeking to increase its cash level for future investments and sell some assets, its chief executive said Wednesday, as speculation about the company's renewed interest in General Motors Corp.'s (GM) European unit Adam Opel GmbH grows.

The Brussels-based holding company is looking to "raise the liquidity level so that at the end we would have significantly more money than EUR200 million," for future investment, Chief Executive Leonhard Fischer told a conference call.

However, analysts doubt RHJ International has enough money to buy Opel.

Opel "is much too big," said KBC analyst Tom Simonts, adding RHJI has at most just over EUR300 million to invest, and little assets to sell for good money. Their bid might be a move to raise their profile in Germany, he said.

Fischer declined to comment on Opel during the conference call, other than to say "we would always look at special opportunities if they are very special."

According to press reports, RHJI is still in the running to buy Opel, after bidding for it earlier this year, should negotiations with the preferred bidder, the Canadian auto supplier Magna International Inc. (MGA), fail.

"I believe they won't succeed" in buying Opel, said Emmanuel Carlier, an analyst at Petercam in Brussels. He said they don't have enough cash to buy it, adding bank financing is a possibility, but Germany might not like more debt on Opel's shoulders.

RHJI posted about EUR1 billion in consolidated net loss for its fiscal year ended March 31, double on the year, as the current economic downturn took its toll on the company's activities, especially on its automotive component businesses.

RHJI controls and has holdings in companies as diverse as auto parts maker, Tokyo-listed Asahi Tec Corp. (5606.TO), and Columbia Music Entertainment (6791.TO), which produces and distributes music.

-By Alessandro Torello, Dow Jones Newswires; +32 2 741 14 88; alessandro.torello@dowjones.com