2nd UPDATE: GM Europe Expects At Least 3 Bids For Co
May 20 2009 - 5:47AM
Dow Jones News
General Motors Corp.'s (GM) European division said Wednesday it
expects to receive at least three bids from potential investors by
1600 GMT today for the group's European division.
A company spokesman declined to elaborate on any names of
potential investors.
Italian automaker Fiat SpA (F.MI) plans to integrate GM's
European, Latin American and South African operations into a global
alliance with its own auto unit and Chrysler LLC.
Austrian-Canadian auto parts supplier Magna International Inc.
(MGA) has also signaled its interest in GM Europe, but hasn't
provided further details on its plan so far.
GM Europe comprises the core German Opel brand, as well as
Vauxhall in the U.K. and Saab in Sweden.
A person familiar with the matter told The Wall Street Journal
earlier this month that RHJ International (RHJI.BT), a European
buyout firm with holdings in the auto-parts industry, has also
emerged as a suitor for GM Europe.
German Economy Ministry spokesman Steffen Moritz said that
Commerzbank AG's (CBK.XE) DresdnerKleinwort unit will collect the
bids.
German chancellor Angela Merkel, and several ministers, didn't
comment on potential investors following a meeting in the
chancellery, having agreed not to talk to the press.
The German government is scheduled to hold a press conference at
1130 GMT.
Company Web site: www.gm.com
-By Katharina Becker, Christoph Rauwald and Andrea Thomas, Dow
Jones Newswires; +49 69 29 725 512;
christoph.rauwald@dowjones.com