US boss reiterates that bidding process hasn't finished
15 June 2009

GM's boss has reiterated that the company is open to offers for Vauxhall/Opel, even though it is hoping to conclude a deal with Magna International.

Speaking to Congress, GM CEO Fritz Henderson said: "We're just negotiating, we don't have an exclusivity agreement (with Magna), so we are open to discussion with others.

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"We are spending a lot of time with Magna trying to negotiate a more definitive agreement."

However, despite reports that BAIC and Fiat may be considering improving their bids, Magna is still favourite to takeover Vauxhall/Opel.

Commenting on the Magna talks, the premier of the eastern German state of Thuringia, Dieter Althaus, said "I'm very optimistic that the negotiations will come to a good conclusion. I don't see any real risks at the moment either."

Last week, Fiat CEO Sergio Marchionne reiterated the carmaker's interest in taking over Opel.

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"The interest is still there, it doesn't depend on us," he said.

Under the terms of Magna's deal, the company is supposed to get a 20 per cent stake in Vauxhall and Opel and state-controlled Sberbank is set to get a 35 per cent stake. GM will keep 35 percent of Opel and 10 per cent would go to GM Europe's 55,00 employees.

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