The Wall St Journal are reporting that whilst Beijing Automotive (BAIC) have sent an expression of interest for Opel, they were too late and that GM are not going to entertain their interest.
BEIJING – General Motors Corp. has received from Beijing Automotive Industry Holding an expression of interest in acquiring the U.S. auto maker’s German Adam Opel GmbH unit, but does not plan to pursue getting an offer from the Chinese auto maker, according to a person familiar with the matter.
GM received a letter from Beijing Auto Thursday last week, one day after the bid deadline. The letter, however, did not include a specific offer for Opel, the person said.
An official in Beijing Auto’s media relations department said Wednesday the company had no information to announce on the topic.
The presence of a Chinese bid for Opel was first mentioned by Germany’s Economic Minister, Karl-Theodor zu Guttenberg, because they deemed the existing offers from Magna, FIAT and RHJ to be insufficient.
FIAT has since lowered its demands for loan guarantees.
Magna is emerging as the government and union favourite, though some industry experts are apparently sill very wary of them, saying they don’t have sufficient cash.
German officials are meeting with US and GM officials later today as they want to get this finalised before GM get pulled into Chapter 11 bankruptcy proceedings.
Its interesting that no news is coming out of Sweden conveying the same urgency, but then Saab is a much smaller piece of the pie and spokespersons at Saab seem quite convinced that GM’s chapter 11 proceedings wouldn’t have much impact on Saab’s sale.
But if a GM bankruptcy is imminent, it is nothing that affects Saab Automobile in Trollhättan.
– Not very practical, no. We are working on with our process and assumes that GM sells Saab and the current situation does not affect the bankruptcy process at all, “says Gunilla Gustavs, Information Officer for Saab, to Swedish Radio West.
The news that GM will not entertain this bid from BAIC means that they’re possibly back in the game with Saab – if they were ever out.