Magna-Opel deal in doubt

Posted on Tuesday, June 30th, 2009 at 9:58 AM EDT.

Efforts to save two leading European carmakers took a twist on Tuesday that could change the ownership of both crisis-hit General Motors Corp’s Opel and German sportscar maker Porsche, Reuters reported.

As GM readied for bankruptcy, the Financial Times reported Belgium-based holding company RHJ International, a former bidder for Opel, was back in the running and close to a deal that would strand Canadian-Austrian auto parts group Magna International, the paper said.

Elsewhere, Qatar made an offer to the Porsche and Piech families that control the Porsche SE automotive holding that could help cut its debt mountain, Reuters said. Porsche and Volkswagen have been in talks to create an “integrated” automotive group after Porsche’s 9 billion euro ($12.6 billion) debt burden forced it to drop plans for a full takeover of VW. But progress toward creating a combined company stalled after Porsche chief executive Wendelin Wiedeking sought investment from Qatar’s sovereign wealth fund, the story said. (Reuters)

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