The Wall Street Journal reports on China’s bid for European car manufacturer Opel:
Beijing Automotive Industry Holding Co. outlined its main reason for wanting General Motors Corp.’s European unit Adam Opel GmbH: It wants to get its hands on the U.S. auto maker’s engine technologies.
Beijing Auto said in a document outlining a takeover offer that access to GM’s advanced technology was the “key driver” for its bid, which is aimed at outpacing Canadian auto supplier Magna International Inc. in the race for Opel.
According to the document, GM would have to “license all alternative propulsion technologies (i.e. hybrid, fuel cells)” to Opel, including the new company’s planned Chinese operations.
Beijing Auto plans to invest $2.25 billion in Opel in China to ramp up production there by 2015.
