General Motors Corp. confirmed Friday that it has received a non-binding offer for its Opel division from the holding company of a Chinese automaker.
GM Europe spokesman Christopher Preuss refused to give details of the offer from Beijing Automotive Industry Holding Co., but the offer adds to the U.S automaker’s options should negotiations with Magna International Inc. fall through.
The German government selected Magna this spring as its preferred bidder for Opel, but progress in talks has been slow amid reported disputes over technology rights.
Italian automaker Fiat and Brussels-based investment firm RHJ International also previously expressed interest in a stake in Opel, and there have been unconfirmed reports in recent days of a renewed interest by RHJ.
Fiat has also said that it hasn’t given up on getting Opel.
Magna, Canada’s largest auto parts maker, has partnered with Russian government-owned Sberbank in a deal that would see Sberbank taking a 35 per cent interest in Opel and Magna getting a 20 per cent stake. General Motors would keep a 35 per cent interest, and Opel employees would hold 10 per cent.
Magna’s co-CEO Siegfried Wolf said last week he’s confident a deal for Opel will be complete by the middle of July.
“We want to make Opel into a company that stands along with its partners and distributors for success, growth and innovation,” Wolf said.
The deal was touted in Russia as a major coup for the country’s troubled auto industry — based on signals that Magna would produce Opel cars in Russia.
MI Developments Inc., a spinoff of Magna International that is controlled by the two companies’ Austrian-born founder, Frank Stronach, said last week that it’s in discussions about building three new plants in Russia.
But the German government said last week that it’s still talking with other bidders, despite the negotiations with Magna.
Tags: Chinese, GMC, non-binding offer
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