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GM confirms bid from Chinese BAIC for Opel

General Motors has confirmed a bid from Chinese firm Beijing Automotive Industries (BAIC) for Opel.

A deal with Canadian car parts firm Magna International to take over Opel has been agreed but not finalised.

"It’s very common if we get bids from other companies during the process" said GM.

It added that the Magna deal was near completion.

BAIC has offered GM a residual 49 per cent stake in Opel, beating the 35 per cent GM would keep under the Russian-backed offer from Magna.

Several Chinese firms have been looking to buy western car marques. Rover and MG are already owned by the Nanjing Automobile Corporation (NAC), and Sichuan Tengzhong Heavy Industrial Machinery is hoping to acquire the Hummer brand.

Sources: BBC, Financial Times

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