TORONTO — General Motors Corp. confirmed Friday it has received a non-binding offer from a Chinese concern for its Opel division.
GM Europe spokesman Christopher Preuss refused to give details of the offer from Beijing Automotive Industry Holding Co., but the offer adds to the U.S automaker's options should negotiations with Magna International Inc. (TSX:MG.A) fall through.
The German government selected Magna this spring as its preferred bidder for Opel, but progress in talks has been slow amid reported disputes over technology rights.
Fiat, Italy's biggest manufacturer, and Brussels-based investment firm RHJ International also previously expressed interest in a stake in Opel and there have been unconfirmed reports in recent days of a renewed interest by RHJ.
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Magna, Canada's largest auto parts maker, has partnered with Russian government-owned Sberbank in a deal in which Sberbank would end up with a 35 per cent interest in Opel and 20 per cent in Magna.
General Motors — now restructuring under bankruptcy court protection — would keep a 35 per cent interest and Opel employees would hold 10 per cent.
The sale by GM of its majority interest in Opel is part of a global reorganization that includes the bankruptcy of proceeding in the U.S.