GM confirms bids; Magna makes last-minute change to its offer
21 July 2009

General Motors has confirmed that it has received three offers for Vauxhall/Opel.

The offers - believed to be from Magna, RHJ International and BAIC - will now be evaluated by the troubled US giant and the countries affected by the deal.

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"The final bids, as well as GM's preliminary findings, will then be reviewed with the German and other impacted governments, the EU Commission and the Opel/Vauxhall Trust Board," GM Europe said in a statement released after the deadline for submissions. But it did not name the bidders.

The German government is expected to have a large say in the decision, as it will provide the bulk of up to 4.5 billion euros (£3.9 billion) in expected loan guarantees for Opel.

Magna made a last-minute change to its bid, with both it and its partner Sherbank agreeing to take a 27.5 per cent stake in Vauxhall/Opel. Magna originally planned to take 20 per cent, with Sherbank taking 35 per cent.

The change was made to ease concerns in Germany over the potential influence of the Russian bank, which some have argued wants to sell part of its stake to a Russian car maker in a move designed to transfer skills to the Russian market.

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