RHJ International declared its interest in Opel yesterday and Qatar looked to be moving closer to a €7 billion (Dh36bn) bailout of Porsche, raising the stakes in the battles for control of both German carmakers.
The German industry shake-up comes as carmakers the world over face a slump in demand, reduced cash flow and the prospect of further consolidation in an attempt to ride out the economic downturn.
RHJ stock fell 2.4 per cent after the loss-making Belgian private equity firm said it was in "advanced talks" to buy a majority in General Motors' Opel, while Porsche shares jumped nearly 9 per cent on reports of a debt-quashing tie-up with Qatar.
The comments by RHJ, which had previously refused to confirm its interest in Opel, could mean Canadian auto parts supplier Magna has lost its much-vaunted lead in the last stages of the race to buy Opel, with a signing expected by the end of this month.
Investors from the Gulf are reportedly ready to step up their long-running interest in Porsche.
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