Chinese Companies Looking To Bid For Opel And Vauxhall Photo:
Mike Stevens | Apr, 22 2009 | 0 Comments

Following reports that Abu Dhabi (UAE) is considering making a bid for Opel shares, along with a collective of Opel and Vauxhall dealers, comes news that unnamed Chinese interests are looking at options for a stake in Opel as well.

According to Automotive News, several inside sources have confirmed that one or more groups in China have raised the ?500 million needed for a stake in the Opel and Vauxhall brands. While this figure would lead to a significant share, it is believed to be short of the amount needed for a controlling stake.

GM CEO Fritz Henderson has confirmed that confidentially agreements have been put in place with six groups looking to make bids for Opel and Vauxhall, however none have been identified.

GM Opel is seeking a ?3.3 billion guaranteed loan from governments where the troubled European carmaker has manufacturing operations (the greater part of the loan being sought from the German government).

German Chancellor Angela Merkel has, in a move similar to US President Obama?s decision on Chrysler?s future, made financial assistance conditional on Opel finding private investment as well.

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