General Motors Said That They Do Not Want To Buy Opel Back

RHJ has said that they would sell Opel back to General Motors when they were finished their restructuring, however, John Smith the GM group vice president said that the company is not interested in buying back the German brand.

RHJ International said that GM could buy back the company if they wanted to. “Let us be pragmatic. It won’t work without General Motors,” the CEO of the Belgian private-equity firm, Leonhard Fischer, told Frankfurter Allgemeine Sonntagszeitung.

General Motors said that they are not seeking majority control of Opel, and they will not want to buy it back from any investor.

GM is still in talks with two companies in the race for Opel, where the German government has supported Magna’s bid while GM says that RHJ International’s offer is just a lot simpler, and easier to implement.

“We remain fully open to working these issues to a conclusion, but we cannot say when that process will conclude, other than to say, “as soon as possible.” It’s our hope that we will be able to present a very clean and workable bid for the consideration of the Opel Trust Board and the German authorities that will be selected based on the best economic and societal analysis. We still believe this can be closed by the end of September objective we have in front of us,” he said.

Opel said that this sale could take longer than expected.