The bidding war over GM’s European carmaker Opel is hotting up after China’s state-owned BAIC put more money on the table on Friday in a bid to head off rival offers from Magna and RHJ International.A takeover of some sort still appears likely. Magna’s Canadian board of directors has approved the project, along with its Russian partners, and it remains the German’s favoured bidder, but Berlin warned all interested parties today they would need to come up with business plans that meet EU guidelines on state subsidies. This is because the German government expects any takeover to be subject to an in-depth anti-trust investigation. Magna says it believes it is the only serious bid remaining in the race for Opel, but Germany’s deputy economics minister says the process is leaving the government open to “extortion”.
Berlin warns Opel bidders to respect EU law