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19. June 2011

CN - BAIC plan to acquire German automaker Adam Opel GmbH

China Knowledge reported that Beijing Automotive Industry Holdings Corp, one of China major auto production companies plans to acquire German automaker Adam Opel GmbH.

Adam Opel parent General Motors has already received an offer from BAIC.

Mr Adam Opel spokesman and GM spokesman declined to comment on the report. BAIC wasn't immediately available for comment.

A person familiar with the matter said BAIC has not extended any offer for the deal.

GM is open to sell Adam Opel if it obtains an offer more favorable than the one it rejected in 2009.

BAIC announced plans and submitted an offer worth USD 923 million to buy Adam Opel in July 2009. Under the plans, BAIC would own a 51% stake in Adam Opel and its British sister brand Vauxhall and GM would keep the remaining 49%.



Soured from China Knowledge

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