China in auto power play
It might not shake up the industry just yet, but China's interest in Volvo and Saab is the start of something big in global autos, writes columnist Wei Gu. Commentary
Opel deal to be decided between Magna, RHJ: sources
FRANKFURT (Reuters) - Chinese carmaker Beijing Automotive (BAIC) has lost more ground to rivals Magna (MGa.TO) and RHJ (RHJI.BR) in the race to acquire control of Opel, several sources familiar with the situation said on Thursday.
"The intensity of the Chinese has diminished somewhat. Negotiations with them clearly lack focus at the moment," one person said.
Another source said that BAIC's offer was "not really considered a serious competitor" to RHJ and Magna any more.
BAIC delivered a non-binding bid for 51 percent of Opel, offering 660 million euros ($930.2 million) for the stake, but met with a cool reception in Germany as their strategic concept for a takeover focused heavily on technology transfer.
While the Beijing carmaker has not officially withdrawn from the race, RHJ and Magna are expected to submit binding contracts in just a matter of days and a decision could come shortly afterwards.
(Reporting by Angelika Gruber, Patricia Uhlig, Philipp Halstrick and Christiaan Hetzner)
