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.

"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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