Beijing Automotive Industry Holding Corp (BAIC) will present GM with a detailed bid for Opel/Vauxhall within days, according to sources close to the deal.
The two firms held talks last week and BAIC is now firming up details of its offer, which it will submit in the coming days. GM has already agreed a deal for Opel/Vauxhall with Canadian parts supplier Magna, but this deal now seems unlikely.
Klaus Franz, head of Opel works council, has expressed strong reservations about any sale to BAIC and fears that GM is playing a high-stakes game to try and improve the amount it receives for Opel.
He said: “BAIC only wants technology and have no experience in global auto production.”
BAIC currently makes cars in China in joint ventures with Daimler and Hyundai.
Franz added that he knew of no new offer for Opel from BAIC, or Belgian private equity firm RHJ International, which has also reportedly bid for the German firm.