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FRANKFURT/MUNICH, July 3 (Reuters) - A Chinese automaker has offered to buy a stake in General Motors (GMGMQ.PK) unit Opel, challenging a deal from Canadian auto parts supplier Magna (MGa.TO), sources said on Friday.
State-owned Beijing Automotive (BAIC) has submitted an indicative, non-binding offer for Germany's Opel, sources familiar with the situation told Reuters, and would make a binding offer by mid-July.
Whoever wins the race for Opel faces a tough antitrust probe, a German government minister said on Friday.
When asked whether he counted on Brussels examining any deal for Opel under a lengthier, so-called 'phase II' investigation, German Deputy Economics Minister Jochen Homann told reporters: "Yes, clearly."
He declined to specify what problems might concern EU competition authorities since the German government is still awaiting a earning plan for the takeover, which he hoped to get by the end of July.
Any earning plans submitted will be evaluated by PriceWaterhouse Coopers on behalf of Berlin, since the government will have to offer more state aid after already extending Opel a six-month 1.5 billion euro ($2.1 billion) bridge loan that matures on Nov. 30. Continued...
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