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GM says Chinese company bidding for Opel

(Agencies)
Updated: 2009-07-08 15:17

BEIJING: Chinese automaker Beijing Automotive Industries Corp. has joined the bidding for General Motors Corp.'s German unit, Adam Opel GmbH, a GM spokeswoman said Wednesday.

BAIC made its bid while Detroit-based GM considers a proposal to sell Opel to Canadian auto part manufacturer Magna, said Maggie He, a spokeswoman for GM China. She said GM would not release details of the BAIC bid.

Special coverage:  Global Auto Industry Woes Related readings:  BAIC bid for Opel puts China in focus  German Opel talks go into 'overtime'  Fiat says offer for Opel won't be cash  Plan to buy Hummer still being vetted  NDRC may not pass Hummer deal

Phone calls to BAIC spokespeople were not answered.

"It's very common if we get bids from other companies during the process," He said.

China's small but ambitious domestic automakers have made a series of foreign acquisitions in an effort to improve their technology and marketing.

Chinese buyers have acquired Britain's Rover and MG brands and one company bought a controlling stake in South Korea's Ssangyong Motor Co. A Chinese company is trying to acquire GM's Hummer unit.

GM says negotiations to sell Opel to Magna are progressing and should soon be complete.