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GM Said to Back RHJ Offer or Bankruptcy for Opel Over Magna Bid

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By Serena Saitto and Andreas Cremer

Aug. 1 (Bloomberg) --General Motors Co.’s Opel unit may be forced into bankruptcy should the U.S. automaker and the German government fail to agree on a buyer, according to three people close to the trust that controls the division.

The trust’s five-member board doesn’t back an offer by Magna International Inc., the Canadian partsmaker preferred by Germany, said the people, who asked not to be identified because the talks are private. They said the officials favor a bid from investor RHJ International SA or pushing Opel into insolvency.

“I’m surprised at that,” said David Cole, chairman for the Center for Automotive Research in Ann Arbor, Michigan. “I would think that it’s a whole lot better to deal with somebody in the business already than a pure financial buyer.”

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