Report: BAIC submits Opel bid

Beijing Automotive Industry Corp (BAIC) has submitted a non-binding bid for Opel, a German unit of General Motors, and is planning to give a binding offer by mid-July, Reuters reported, citing sources familiar with the situation. No details on the size of the bid were supplied. The bid would bring to three the number of companies competing for the Opel unit. A bid by Canadian auto parts maker Magna and several Russian partners is seen as the most likely to succeed. However, German Deputy Economics Minister Jochen Homann said there remained "justifiable question marks" over the Magna deal. Homann said any successful bid would be subject to a lengthy antitrust investigation.