GM fields at least 3 bids for Opel brand
At least three bids were submitted Wednesday from suitors interested in acquiring or taking a stake in GM's ailing unit Adam Opel GmbH, a GM Europe spokesman said.
Chris Preuss, a spokesman for the Zurich-based automaker, told The Associated Press that the bids had been submitted but did not identify who had filed them.
German Economy Ministry spokesman Steffen Moritz, however, refused to acknowledge whether his ministry had received any bids, citing a 6 p.m. local time Wednesday deadline.
So far, Italian automaker Fiat SpA has not been shy about courting Opel, with its chief executive CEO Sergio Marchionne visiting Germany several times in recent days to meet with state and union leaders at the carmaker's four plants.
Fiat wants to wrap GM Europe, including Opel, into a global powerhouse along with Chrysler LLC.
Magna interest
Canadian auto parts maker Magna International has also said it is considering a stake in the German carmaker, as has the association representing Opel dealers in Europe. Last Friday the European Opel Dealer Association endorsed a plan to seek a minority stake of up to 20 per cent by investing 500 million euros ($787 million Cdn).
Germany's Bild newspaper reported that New York-based buyout firm Ripplewood Holdings LLC was also preparing a bid.
Interested parties will have to clarify the future they envision for Opel, which German officials said late Tuesday would receive bridge loans to stay operational while the government weighs the bids.
Regional authorities and bank officials, speaking on condition of anonymity because the plan had not been finalized, confirmed that the financing would be a partnership between federal and state governments as well as state-controlled banks.
New capital
Opel has said it will need one billion euros ($1.57 billion) in fresh capital over the next month.
Moritz said General Motors will have the final say in Opel's fate, while Berlin's role is to weigh whether and how to offer state support to the chosen investor.
Labour Minister Olaf Scholz said that after reviewing the bids, the government would try to draft its plan by the end of the month.