Home
Business
Metro
Nation
World
Sports
Feature
Opinion
View more »Opinion Columns
Wan LixinOpinion deputy editor of Shanghai Daily
China walks the walk in honoring its green pledge
Wheelchair users in good health at Disney disdain norms
Sunday
- Subscribe
Related News
Chinese car maker in bidding for Opel
By Joyce Pan |
July 9, 2009, Thursday
|
Print Edition
Print Edition
GENERAL Motors Corp yesterday confirmed Chinese auto maker Beijing Automotive Industry Holding Co has joined the bidding for its Opel unit.
However, Maggie He, a spokeswoman for GM China, said it was not in a position to release bid details.
Reuters yesterday reported Beijing Automotive was looking to acquire a 51-percent stake in Opel for 660 million euros (US$921 million).
If its bid is successful, Beijing Automotive plans to cut 7,584 jobs in Europe and close a factory in Antwerp, the report said.
It would also import 60,000 Opel sedans to the Chinese market between 2010 and 2011 and, from 2012, invest 2.25 billion euros in establishing production lines in China to manufacture 500,000 Opels before 2015. It would also aim to set up 400 Opel dealerships in China.
The bid comes as Detroit-based GM is considering the sale of Opel to Canadian auto parts manufacturer Magna International Inc.
Earlier this week, GM Europe President Carl-Peter Forster said negotiations with Magna were going well, and he hoped the sale would be completed by middle this month.
Although Magna, backed by Russian partners, is still considered the front-runner, Italy's Fiat SpA and Brussels-based RHJ International SA also have expressed an interest in taking a stake in Opel.
However, Maggie He, a spokeswoman for GM China, said it was not in a position to release bid details.
Reuters yesterday reported Beijing Automotive was looking to acquire a 51-percent stake in Opel for 660 million euros (US$921 million).
If its bid is successful, Beijing Automotive plans to cut 7,584 jobs in Europe and close a factory in Antwerp, the report said.
It would also import 60,000 Opel sedans to the Chinese market between 2010 and 2011 and, from 2012, invest 2.25 billion euros in establishing production lines in China to manufacture 500,000 Opels before 2015. It would also aim to set up 400 Opel dealerships in China.
The bid comes as Detroit-based GM is considering the sale of Opel to Canadian auto parts manufacturer Magna International Inc.
Earlier this week, GM Europe President Carl-Peter Forster said negotiations with Magna were going well, and he hoped the sale would be completed by middle this month.
Although Magna, backed by Russian partners, is still considered the front-runner, Italy's Fiat SpA and Brussels-based RHJ International SA also have expressed an interest in taking a stake in Opel.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
