General Motors may have found a willing buyer for its European Opel and Vauxhall divisions in Canadian supplier Magna International, but sources say the General is readying a second plan of action in case the sale falls through.
Both GM and Magna signed a letter of intent to transfer the two brands, but Bloomberg News reports the transaction may be faltering. According to the piece, Magna wants access to GM’s alternative-fuel technologies, future platforms, and other technologies that weren’t part of the initial deal.
Although both parties still aim to reach an accord, GM is speaking to other parties — notably buyout firm RHJ International and Chinese automaker Beijing Automotive — to formulate a fallback plan.
“We’re in very active negotiations with several potential partners,” said GM spokesman Chris Preuss, “including Magna, Beijing Auto, and RHJ.”
Bloomberg claims talks are advanced enough that GM believes it can find a buyer for Opel and Vauxhall before September.