The outcome of the bidding process for GM's German unit Opel is not a foregone conclusion despite widespread backing for rival bidder Magna, the head of RHJ International said in a newspaper interview.
RHJ still has good chances of winning the prolonged bidding process for the General Motor's unit, Chief Executive Leonhard Fischer told the Handelsblatt newspaper in an interview to be published on Monday.
Fischer's comments come after GM chief Fritz Henderson and Magna Co-CEO Siegfried Wolf met on Friday evening in an attempt to jumpstart a stalled bidding process.
Fischer, however, warned against jumping to hasty conclusions and added that it did not benefit the German government to ban competition from the bidding process.
Predeterminations in preference of a specific investor only make the already complex sales negotiations more formidable, he told the newspaper.
He said talks were not necessary between GM and RHJ at the moment as the two companies had already negotiated a basic contract.
Both government officials and labor unions have expressed their preference for Magna and have prodded GM to work toward an agreement.
Magna wants to expand Opel's full-scale car assembly business and forecasts high growth rates.
GM's chief negotiator has praised RHJ's offer, but Berlin rejected its first offer for Opel in May and the private equity firm has been unable to undermine widespread backing in Germany for Magna, even after dropping plans to close two German plants.
(Editing by Mike Nesbit)