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China Daily | Updated: 2009-05-23 08:42
BAIC bids for Opel
A Chinese carmaker submitted an expression of interest for GM's Opel and Vauxhall operations in Europe on Thursday, according to two people familiar with the matter. The Chinese company, named as Beijing Automotive Industry Corp (BAIC) by Financial Times, sent a letter a day after the May 20 deadline for bids. GM has said that Opel needs 3.3 billion euros in state aid to survive. GM is selling a majority stake in its European operations while preparing for a probable June 1 bankruptcy.
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