GM Sets July 20 Deadline for Opel Bids

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 …read more