Favorite chosen
May 21, 2009
Spiegel Online, the web edition of the German weekly Der Spiegel, cited internal GM documents saying that the Canadian auto-parts maker was favored for its technological know-how, which it displayed in developing the all-terrain BMW X3 model.
The magazine said that financial investor RHJ International was second on GM's list and Fiat, the Italian carmaker, was third.
The US daily Detroit News, meanwhile, cited sources close to the matter as saying that GM preferred Magna to the other two because Opel employees considered the Canadian firm less likely to close factories.
GM Europe has not confirmed the reports.
A new player?
A Chinese bidder entered the race for Opel by submitting an expression of interest, according to news reports on Friday.
The Bloomberg news agency said an unnamed Chinese carmaker sent a letter to GM one day after the deadline for bids had expired. It remained unclear at this point, however, whether an offer was to materialize.
Final decision up to GM
The three companies presented their plans for the takeover to GM Europe and members of the German government, including Chancellor Angela Merkel, on Wednesday.
A spokesman for the German economics ministry said the decision was entirely up to GM, adding that the federal government was willing to support the takeover with loans of more than two billion euros ($2.7 billion).
The German government said it would likely choose the preferred suitor by the end of next week.
glb/AFP/Reuters
Editor: Nick Amies