After a lot of arm twisting, and several deadlines set by the US court and the German government, the Opel deal finally is entering the final round—for now. After a suitor has been found, a French woman may spoil the whole wedding. Reuters has it that China’s BAIC has finally done what was expected they would do: Submit a non-binding offer for Germany’s Opel. About time it is. Federal bankruptcy Judge Robert Gerber had given GM lawyers a Friday deadline to submit papers. His Honor will rule by July 10 on a plan to create a “new GM,” and the Opel issue needs to be settled. The Germans had set a July 15 deadline for final offers. Magna and its Russian partners appears to be way ahead of BAIC. Magna’s board of directors wants to approve a business plan for Opel on July 7, an act that is widely seen as a rubberstamping exercise.... [read full story]
