What's going on behind the scenes in the auction of General Motors Co.'s Adam Opel GmbH we can only guess. But it's probably safe to say that the sellers are both busy and encouraged. Because what's going on in public is that the potential buyers are speaking up about their offers, presumably to enhance their standing in this very public auction.
On Monday Belgian financial investor RHJ International
confirmed for the first time that it's in talks to take a majority stake in Opel, going public now because it says the talks are "advanced." More details on The Deal Pipeline (subscription required).
Last week Beijing Automotive Industry Holding Corp.
came forward to talk about its bid. And the company is
still talking. An article in Monday's Wall Street Journal quotes a senior executive at the company arguing that BAIC's proposition would be good for both Opel and GM.
Less loquacious but still the favored bidder is Magna International Inc. (NYSE:MGA) with its partner, Russia's Sberbank. Magna has signed a nonbinding memorandum of understanding with GM, but GM says it's still open to other offers. No kidding. -
Kenneth Klee
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