Beijing Automotive Industry Holding (BAIC) held discussions this week with General Motors (GM) about the possibility of buying its Opel unit if Magna International’s bid fails, the Wall Street Journal reported, citing a person familiar with the situation. GM executives met with BAIC representatives in Europe after BAIC again expressed in interest in buying the Opel unit. The source said that GM agreed to meet with BAIC a second time because it felt BAIC’s more detailed acquisition plan "warranted a response." While GM sees few potential snags to Magna’s deal, which could be completed in next two weeks, GM’s agreement with Magna isn’t binding, according to the source.
You must log in to post a comment.