RHJ INTERNATIONAL, the Brussels-based investor that is competing for a stake in Opel, will present its proposal in Berlin today to gain German government support, according to people familiar with the situation.
RHJ aims to win over government officials by promising to keep all four Opel plants in Germany open and by asking for less state assistance than the rival consortium headed by Magna and its Russian backer Sberbank.
The offer by RHJ is believed to be about €300 million and calls for €3.8 billion in state guarantees, compared with Magna’s request for €4.5 billion on an investment of €500 million. The RHJ bid is less than that offered by chinese bidder Beijing Automotive (BAIC), believed to be in the region of €660 million for a 51 per cent stake.
In May, Germany’s government selected Magna as the preferred bidder for Opel.
RHJ has already held meetings with representatives of Opel’s employees. Workers have a say in the process because Detroit-based GM’s restructuring plan called on unions to make $1.2 billion (€860 million) in concessions. Andreas Kroemer, a spokesman for Opel, declined to comment.
RHJ said it is in “advanced” talks over the purchase of a majority stake in Opel and its UK sister brand Vauxhall.
– Reuters/Bloomberg