Over on General Motors' Europe "Driving Conversations" blog, VP John Smith has posted an update on the company's negotiations to sell a majority stake in Opel and Vauxhall. Although no final decision has been made yet, it's looking increasingly likely that the previous tentative agreement with Magna International may be usurped by a bid from RHJ International. This, despite the fact that the German government has been favoring the Magna bid because of the suppliers commitment to preserving jobs
One of the many clauses that General Motors is reportedly trying negotiate into any deal involving majority control of Opel is the option to eventually buy back the stake it is selling.
Magna Steyr Mila EV - Click image for high-res gallery
Magna tried and lost when Chrysler was for sale. Pulling a Marchionne, Magna's now trying to win GM Europe's Opel division for itself, and rumor is that Saturn is also on the shopping list. GM would get much-needed capital for the transactions, but it could also be facing its old properties as new competition. Of course, coughing up the money might be difficult, considering Magna's taken a shellacking so far this year.