BAIC has submitted a non-binding offer to buy Opel/Vauxhall from GM, with a binding one set to follow in the coming days, according to sources.
Canadian parts supplier Magna already has a deal in place with GM, but GM has now confirmed it is talking to other interested parties believed to include BAIC, Fiat and Belgian private equity firm RHJ International.
BAIC’s non-binding offer is reported to be just two pages long and lacking detail on its intended plans for what to do with Opel/Vauxhall. The Chinese state owned manufacturer currently has deals with Daimler and Hyundai to build cars in China.
Reports suggest that BAIC will follow up its non-binding offer with a binding one by the middle of July. Opel has already spoken of its reservations about a BAIC takeover, claiming it is only interested in buying its technology.
Magna’s funding partner Sberbank has dismissed reports that its deal for Opel/Vauxhall may collapse, with its CEO saying the race was all but over.