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China's BAIC wrote to German officials over Opel: spokesman

The head of GM Europe, Carl-Peter Forster, also said recently that Opel had several suitors, but that Magna had a "considerable lead" on others.
by Staff Writers
Berlin (AFP) July 6, 2009
Chinese automaker BAIC has written to German officials regarding Opel, but an economy ministry spokesman refused Monday to reveal the contents.

"A letter effectively exists," the spokesman told a regular news conference, without providing details.

On Sunday, a press report said BAIC had offered to take 51 percent of Opel, a troubled unit of US automaker General Motors, with a public guarantee of 2.64 billion euros (3.7 billion dollars).

Germany is currently in negotiations with the Canadian group Magna, which wants to buy Opel with the help of Russian capital, but rumours have said the talks could break down.

"Different groups are interested in a takeover of Opel," the spokesman said.

The head of GM Europe, Carl-Peter Forster, also said recently that Opel had several suitors, but that Magna had a "considerable lead" on others.

Forster said he was confident a deal with Magna would be finalised by mid July.

Late Sunday, a judge in New York approved plans to sell GM's best assets to a new automaker in which the US government would hold a majority stake.

The decision paves the way for a speedy exit from bankruptcy for GM, which has vowed to reinvent itself as a leaner, more profitable company once it is freed from heavy debt.

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Chinese carmaker bids for GM's Opel: reports
Berlin (AFP) July 5, 2009
Chinese carmaker BAIC has proposed taking a majority stake in GM's European arm Opel with a bid worth 660 million euros, a move that could boost negotiations for the unit, reports said Sunday. BAIC submitted a non-binding offer for GM's German-based unit Opel late Thursday, just before a deadline for prospective buyers, according to China's Guangzhou Daily newspaper, the Financial Times and ... read more

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