>> ASIAONE / MOTORING / NEWS / STORY
Mon, Jul 13, 2009
AFP
Germany slams Chinese Opel offer: report

BERLIN - Germany fears a "dangerous dependence" on China if Beijing-based firm BAIC is allowed to take over troubled General Motors subsidiary Opel, media said on Monday, citing an expert government report.

"The Chinese government clearly wants to gain access to modern technology," Berlin's report said, according to the website of mass circulation daily Bild.

There is a danger that the German carmaker "could become dangerously dependent on the Chinese state," the report added.

BAIC is battling the Russian-backed Canadian firm Magna and US-Belgian investment group RHJ International for Opel.

Magna is the preferred investor of the German government and of GM, but the other two bidders have improved their offers in recent days, seemingly throwing the race wide open again.

Late in May, Magna and GM signed a letter of intent concerning Opel under the aegis of the German government, which is to provide substantial financial support for the deal, but talks have occasionally stumbled since then.

The deal was supposed to have been tied up by mid-July but this is now likely to be pushed back, according to economy ministry sources.

 

 

 

 
STORY INDEX
 
  Ex-GM CEO retires with reduced benefits
   
 
  Toyota unveils new hybrid-only Lexus
   
 
  Man charged with harbouring
   
 
  Win a pair of return tickets to Tokyo!
   
 
  Video: China e-cars: big draw, tough sell
   
 
  Injured and angry
   
 
  Honda Motor to speed up roll out of hybrid lineup: CEO
   
 
  Germany slams Chinese Opel offer: report
   
 
  Find a way out of the jam
   
 
  Ford aims at Asian small car market with Thai venture
   
We welcome contributions, comments and tips.
a1motor@sph.com.sg