News that General Motors was seeking alternatives to Canada’s Magna to buy Opel/Vauxhall would be welcome if it were genuinely reopening the process – and about to embrace Fiat, whose bid has the most industrial logic. In fact, GM’s pursuit of a competing memorandum of understanding with Belgium’s RHJ International, an industrial holding company, seems mostly a ploy to pressure Magna to reach a final agreement by a mid-July deadline on terms acceptable to GM. Progress in GM’s Chapter 11 process also seems to be emboldening the US...
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