Posts Tagged ‘Manufactures’
China Car Manufacturers, propose Opel bid
China’s car manufacturers, BAIC, has proposed taking a majority stake in Opel, GM’s European subsidiary, with a bid worth 660 million euros. BAIC bid for Opel, a unit of GM-based company
in Germany on Thursday last, just before the deadline the last bid
Beijing Automotive Industry Corp. (BAIC) said the value of its offer for 660 million euros (920 million U.S. dollars).
German newspaper Frankfurter Allgemeine Zeitung reported that
BAIC has sent a letter to several members of the German government proposed to take 51 percent stake in Opel with 2.64 billion euros in state guarantees. In his letter, Xu Heyi BAIC leader promised “no Opel factory in Germany which will be closed,” so that the reduction of workers will not be done, the paper said. Russian state-owned bank, Sberbank, is also bidding with partners, the Canadian automotive parts manufacturer, Magna International. The German government in May announced a rescue plan
for Opel which 35 percent of the company’s shares will be given to
Sberbank and 20 percent to the Magna, but the conversation stalled.
