General Motors has invited several investors to hand in improved offers for its European operations, which include Vauxhall based in the UK. The aim is to tighten the screws on Magna International, which earlier this month became the front-runner in the race for GM Europe when it secured preferred bidder status.
Beijing Automotive Industry Corporation, the Chinese carmaker aims to hand in an improved offer for the GM business by the middle of next month. Belgium-based investor RHJ International could also make a second offer for the business.
It has emerged that both BAIC and RHJ have been able to look at the books of GM Europe to increase the pressure on Magna amid tough negotiations with the Canadian car parts supplier. Fiat, an early favourite in the bidding, has said that its offer for GM Europe remained on the table.
Source: Financial Times