BAIC reveals plans for Opel
By Andrew C., 27 Aug, 2010. 0 Comments
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After the Chinese firm's chairman Xu Hevi gave a confirmation about its 660 million euro bid for Opel, BAIC stated that it can house Opel/Vauxhall with less state aid than Magna. GM will be left with 49 percent stake in Opel/Vauxhall after BAIC bid for the 51 percent. This was mentioned in a letter to German politicians. GM Europe president Carl-Peter Forster, however, is confident about the Magna deal pushing through, wherein Magna will take a 20 percent stake with its funding partner Sberbank a 35 percent stake leaving GM with 35 percent. Despite BAIC's offer, GM hopes for finalization of the Magna deal after all the details have been ironed out by mid July. Fiat and Belgian private equity firm RHJ International are also vying for Opel/Vauxhall. [via autocar]
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