The Beijing Automotive Industry Holdings Company, or BAIC, has emerged in the news as a late bidder for Opel.
Chinese carmaker Beijing Automotive Industry Holding Co (BAIC) has submitted an offer to buy Opel, a source close to BAIC told Reuters on Tuesday.
BAIC’s plan envisions preserving all four Opel plants in Germany for at least two years and foresees no job cuts in the country, a financial source said, adding the concept called for less than 5 billion euros in state aid.
BAIC would invest 660 mln euros in equity.
This is especially interesting not only for Opel-watchers, but for Saab-watchers as well. A few days ago, I wrote this here at Saabs United:
There’s some talk coming from Djup Strupe to the effect that GM Europe might be stalling the Saab sale process a little. The word is that Deutsche Bank are actually having a hard time getting GME on the phone to make a decision of any consequence.
Maybe the Opel deal has them all tied up. I hope we still get a decision soon, even if it’s not announced, just to know that it’s been made will start the closure process.
I’m now quite convinced that the two are related.
I’m pretty confident in stating that BAIC were one of the Chinese companies that toured the Saab facility and with Geely out of the running, they could quite possibly be the Chinese bidder amongst the final group of three bidders.
This last-minute grab for Opel could well be why things have gone quiet between Deutsche Bank and GM Europe in relation to Saab. An extra bid to evaluate would tie up some resources.
And then there’s the question about whether BAIC are still interested in Saab given their apparent interest in Opel. Do they want both, like FIAT did? Or have they lost interest in Saab, or been told they’re not going to be successful with Saab?
BAIC has long-term partnerships with DaimlerChrysler and Hyundai, as well as joint venture operations with Lear, Visteon and Johnson Controls. They also make their own group of rip-off designs for their domestic market.