GM says Beijing Automotive made an offer for Opel

Beijing Automotive makes the non-binding proposal after examining Opel's books: GM General Motors Corp. said Beijing Automotive Industry Holding Co. submitted an offer for its Opel division, giving the bankrupt U.S. automaker more options in the event negotiations with Magna International Inc. fail. Beijing Automotive made the non-binding proposal after examining Opel's books, Chris Preuss, a GM spokesman in Zurich, said Friday by phone, declining to provide details. The Chinese company's bid is being reviewed, he said, adding that talks with Aurora, Ontario-based Magna remain "on track." Magna, Canada's biggest auto-parts manufacturer, was chosen in May by the German government as the preferred bidder for Opel, which has its headquarters in the Frankfurt suburb of Ruesselsheim. Progress has been slowed by disagreements over... [read full story]                    

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