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GM Europe still in talks with Magna for Opel

GM Europe still in talks with Magna for Opel

Negotiations for the sale of General Motors Corp.'s Opel to Canadian auto parts maker Magna International Inc. were progressing, a GM Europe spokeswoman said Wednesday, while confirming it had also received a bid from China's Beijing Automotive Industry Corp.
Maggie He, a spokeswoman for GM China in Shanghai, told The Associated Press that the Chinese automaker had made a bid for Adam Opel GmbH, confirming weeks of speculation. No details about the BAIC bid were released and phone calls to the company were not answered.
GM Europe spokeswoman Karin Kirchner in Zurich also confirmed GM was in talks with BAIC but said the company was concentrating on negotiations with Magna for a binding contract at the moment because those talks were further along.
GM has said its memorandum of understanding with Magna is not exclusive and that therefore, other companies can make bids.
In a statement, GM said it "has received, and is discussing, proposals from RHJ International and Beijing Automative Industry," even as its talks with Magna move forward.
RHJ International is a Belgium-based industrial holding company.
Kirchner would not comment when asked if there was any timeframe for concluding talks with Magna, or on details of the BAIC bid.
Over the weekend, Carl-Peter Forster, the head of GM Europe, said he hoped the sale of Opel to Magna could be complete by mid-July, according to press reports.
An Opel official who spoke on condition of anonymity because they were not authorized to speak officially, said BAIC wants to pay


Updated : 2021-10-21 19:43 GMT+08:00