FRANKFURT (AFP)--Struggling U.S. auto giant General Motors Corp.
(GMGMQ) and German arm Adam Opel GmbH are holding talks with
several potential buyers, including the Chinese group Beijing
Automotive Industry Holding Co., for the unit, a report said
Wednesday.
Other offers, in addition to one submitted from Russian-backed
Canadian company Magna International Inc. (MG.A.T), are welcome,
the head of a trust company which is managing Opel, Fred Irwin,
told the German business daily Handelsblatt.
A delegation from BAIC was set to meet Opel managers this week,
and has been granted access to its accounts, as has the investment
fund Ripplewood - a former bidder - the newspaper said.
"All interested parties have the same information rights," Irwin
said.
He said a letter of intent signed last month with Magna, which
assembles cars and makes auto parts, wasn't contractually
binding.
"We are in talks with several bidders. The outcome is open," a
GM spokesman told the Handelsblatt.
In late May, the German government unveiled a rescue plan for
Opel with General Motors, which has declared bankruptcy in the
United States.
Under the plan, 55% of Opel was to be sold to Magna, but talks
have since bogged down and GM appears to be trying to put pressure
on the Canadian company to obtain the best deal.
Ripplewood, acting through the holding company RHJ International
SA (RHJI.BT), and BAIC had both expressed interest in Opel before
the Magna deal was announced, but were eliminated following an
examination of their offers.
The Italian car maker Fiat SpA (F.MI) had also bid for Opel.
Until a final agreement is reached, Opel is being managed by a
trust company, which is financed by German public credits.