GM confirm Chinese bid for Opel

General Motors has confirmed a bid from Chinese firm Beijing Automotive Industries (BAIC) for Opel.

Opel, GM’s European arm, was separated from its parent firm and temporarily placed with a trust fund before GM entered bankruptcy.

A deal with Canadian car parts firm Magna International to take over Opel has been agreed but not finalised.

Several bidders have shown an interest in buying Opel, including BAIC, but GM has only confirmed the Chinese bid now.

Source: BBC News