Chinese carmaker submits offer for GM's Opel: report | autos | Hindustan Times
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Chinese carmaker submits offer for GM's Opel: report

A Chinese carmaker has made an offer for General Motors' Opel brand, a newspaper reported Sunday, in a bid reportedly worth 660 million euros (922 million dollars).

autos Updated: Jul 05, 2009 11:31 IST

A Chinese carmaker has made an offer for General Motors' Opel brand, a newspaper reported Sunday, in a bid reportedly worth 660 million euros (922 million dollars).

A spokesman for GM China said Beijing Automotive Industry Corporation (BAIC) had submitted a non-binding offer for German carmaker Opel late Thursday, according to the state-run Guangzhou Daily newspaper.

The report said competition for Opel was strong, with bankrupt US giant General Motors receiving a total of three offers.

BAIC and GM China were both unavailable for comment when contacted by AFP.

The Financial Times reported that BAIC's offer was worth 660 million euros.

Russian state lender Sberbank is also in the running to buy Opel in partnership with Canadian auto parts manufacturer Magna International.

The German government in May announced a rescue plan for Opel in which 35 percent of the firm would go to Sberbank and 20 percent would go to Magna, but talks have bogged down since.

According to the FT, RHJ International, a Brussels-based industrial holding linked to US buy-out group Ripplewood, has also made a non-binding offer.

Fiat is also interested in Opel, but has pledged no cash for the stake.