Beijing Auto has failed in its bid to buy GM’s Opel unit, apparently over intellectual property issues, Reuters reports:
General Motors’ European business said on Thursday it had agreed to continue detailed talks with both Magna and RHJ International on its German unit Opel, but did not mention Beijing Auto, which had also submitted an offer.
“In the negotiations over intellectual property, we have been in constant communications with U.S.’ General Motors,” the company said in an e-mailed statement on Friday. “Regrettably, both parties failed to reach agreement on (the intellectual property) issue,” said the company, quoting an unnamed spokesperson.
Beijing Auto did not mention in the statement what are the next possible steps after the end of its Opel bid.
But sources told Reuters this week that the Beijing city government will fully support a bid by the company for Ford Motor’s Volvo car unit if Beijing Auto failed in its quest Opel.
