21 May 2009

Bids submitted for Opel

10:47 am on 21 May 2009

Three suitors have submitted bids to acquire or buy a stake in General Motors' Opel car unit.

GM Europe confirmed on Wednesday that they are Fiat, Magna autoparts maker of Canada and the RHJ International holding company.

Although GM will have the final say on Opel, the BBC reports the German government is also likely to play a role as it is likely to provide financing to help the buyer.

Fiat said its offer also included Vauxhall, which is also owned by GM.

The deadline for bids was 1600 GMT on Thursday.

GM faces a deadline of 1 June to complete a major restructuring or seek bankruptcy protection.

The BBC reports it is selling all its European businesses, including Saab in Sweden and Vauxhall in Britain.