GM Sets July 20 Deadline for Opel Bids
July 18, 2009 by Mark Ellis
Filed under Business
General Motors Co. has given bidders for their Opel division two days to submit final offers. The three bidders – Magna International Inc., RHJ International SA and Beijing Automotive Industry Holding Co. – have until close of business on Monday, July 20.
Germany, which has agreed to give $2.1 billion in loans for Opel’s sale, is said to be encouraging GM to pick Magna, the Ontario-based auto parts maker.
Once the three final bids are received, they will be reviewed with the Germany government, other countries, the EU Commission and Opel/Vauxhall Trust Board. The trust board will be given the preliminary analysis by July 22 and then GM will present their recommendation to its board and the U.S. Treasury by the following week.
Since its U.S.-backed bankruptcy on July 10, the United States government controls 60.1% of General Motors.
