Opel Adviser: Time Running Out For Completely New Investor
29 Juni 2009 - 1:44PM
Dow Jones News
The advisory board chairman of the trust overseeing General
Motors Corp.'s (GM) Adam Opel GmbH unit, Fred Irwin, said Monday
that time is running out for any potential new investor to join the
bidding process for the German automaker.
Speaking to reporters in Frankfurt, Irwin said all serious
bidders should get access to the same information, adding that it
remains difficult to predict a timeframe for a final decision.
Last month, GM signed a memorandum of understanding for a sale
of a majority stake in Opel with Canadian auto supplier Magna
International Inc. (MGA), which has launched an offer backed by
Russia's Sberbank (SBER.RS) and automaker GAZ (GAZA.RS). But Irwin
noted that this isn't a legally binding agreement.
Italian automaker Fiat SpA (F.MI) and China's Beijing Automotive
Industry Holding have voiced interest in Opel. The status of their
respective bids remains unclear.
German weekly Focus earlier Monday quoted a spokesman for RHJ
International SA (RHJI.BT) as saying that its out of the bidding
process.
Company Web site: www.gm.com
-By Christoph Rauwald, Dow Jones Newswires; +49 69 29 725 512;
christoph.rauwald@dowjones.com