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Business

Three bids for GM's struggling Opel

Latest update : 2009-05-22

As expected, Italian carmaker Fiat, Canadian autoparts maker Magna and the RHJ International holding company have all submitted their bids to take over troubled German carmaker Opel, subsidiary of General Motors.

AFP - General Motors Europe confirmed Wednesday that Italy's Fiat, Canadian autoparts maker Magna and the RHJ International holding company have made offers to take over its Opel unit.

"The three have all presented formal offers," a GM spokesman told AFP. "There were no surprises."

Fiat had earlier in the day revealed it had put down an offer for Opel and its British brand Vauxhall.

The others are Magna, with support from Russian manufacturer GAZ, and Brussels-based RHJ International, whose main shareholder is the founder of the US investment fund Ripplewood.

The German government had asked for detailed bids to be submitted before 6 pm (1600 GMT) in order to determine what state aid might be forthcoming.

The DresdnerKleinwort bank, a unit of the recently part-nationalised Commerzbank, has been tasked with studying the offers.

Date created : 2009-05-20

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