Three bids have been submitted to acquire or buy a stake in General Motors’ Opel car unit. GM did not name the three companies but Italian carmaker Fiat and Canadian parts maker Magna have declared their interest in Opel. US investment firm RHJ International is also widely reported to be interested.
Although GM will have the final say on Opel, the German government is also likely to play a role as it is likely to provide financing to help the buyer.
A German official said that Germany would choose its preferred bidder early next week.
Fiat said that its offer also included the UK’s Vauxhall, also owned by GM.
The deadline for bids was 1600 GMT on Thursday.
GM faces a 1 June deadline to complete a major restructuring or seek bankruptcy protection.
It is selling all its European businesses, including Saab in Sweden and Vauxhall in the UK.
Source BBC Business News