Thursday, December 24, 2009
Red Flag? German Minister Says Chinese Bid for Opel came too Late
According to a statement made to the press today by Germany's Finance Minister Peer Steinbrueck, China's Beijing Automotive Industry Corp (BAIC) had submitted an offer for GM's Opel division but the bid came too late for the government to assess it in depth. It is expected that the German government will make an announcement on their preferred bidder for Opel by the end of the week. Aside from Italian carmaker Fiat S.p.A and Canadian autoparts maker Magna International, Belgium-listed industrial holding company RHJ International has also made an official offer for GM's European unit.