General Motors is continuing to discuss other offers for European unit Opel despite the letter of intent received from Magna last month which is legally non binding.
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Talks are taking place with several potential buyers, including Chinese group Beijing Automotive Industry Corporation (BAIC), a report said on Wednesday.
Other offers, besides Magna’s, are welcome, the head of a trust company which is managing Opel, Fred Irwin, told German business daily Handelsblatt, AFP repoered.
A BAIC delegation is to meet Opel managers this week and has been granted access to its accounts, as has a former bidder, investment fund Ripplewood, the paper said.
“All interested parties have the same information rights,” Irwin said.
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By GlobalData“We are in talks with several bidders. The outcome is open,” a GM spokesman told Handelsblatt.
Under a German government underwritten plan, 55% of Opel was to be sold to Magna but talks have since bogged down and GM now is apparently applying pressure on the Canadian partsmaker to obtain the best deal, AFP said.
Ripplewood, acting through holding company RHJ International, and BAIC had both expressed interest in Opel before the Magna deal was announced but were eliminated after their offers were scrutinised. Fiat also bid for Opel as it finalised its now completed alliance deal with Chrysler.
