Posted on September 1, 2009 at 4:42 PM
Filed under: Deal International | Detroit Breakdown | Divesting and Restructuring
Tagged: Adam Opel GmbH , general motors co.

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The day's M&A news wouldn't be complete without a development in the long-running auction of Adam Opel GmbH by General Motors Co.

And here it is: Private equity-backed RHJ International, rival to Magna International Inc. (NYSE:MGA), the bidder that the German government prefers, has just notched up its bid (to €300 million [$427 million], an increase of €25 million) and notched back the amount of state aid it thinks it will need, to €3.2 billion, Reuters reports.

GM's boad was expected to discuss the bids in a teleconference Tuesday, according to the report. But a decision prior to the Sept. 27 federal elections in Germany looks increasingly unlikely. For Chancellor Angela Merkel, that could be a good thing. - Kenneth Klee




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