No Pre-determination Of An Investor

2023 Author: Eric Donovan | [email protected]. Last modified: 2023-08-25 09:36

Opel-Treuhand has not yet made a preliminary decision in the bidding race for entry into the Rüsselsheim car manufacturer. A report that Magna would be rejected was denied.

Opel-Treuhand circles have rejected media reports that members of the Treuhand Advisory Board refused to allow the supplier Magna International to join the automaker. "The process is still running, there are no preliminary determinations," said a person familiar with the processes on Friday. Several media had reported that the two advisory board members sent by the federal and state governments had spoken out in favor of the financial investor RHJ International or an insolvency of Opel. According to "Financial Times Deutschland", the former Continental boss Manfred Wennemer and the insolvency administrator Dirk Pfeil even rejected calls from politicians to bow to the vote for Magna.

Treunhand holds 65 percent

Opel-Treuhand holds 65 percent of the shares in Opel. Your advisory board, chaired by the President of the American Chamber of Commerce AmCham, Fred Irwin, has to make the final decision on the automaker's buyer. In addition to the two representatives from the federal and state governments, two from General Motors (GM) sit on the body. The members are obliged to be independent and have to vote on the basis of economic criteria alone. In negotiating circles, however, it is unlikely that the advisory board would overturn a possible agreement between GM and politics. The federal and state governments favor Magna, GM prefers the RHJI concept. (dpa)