Chinese automaker Beijing Automotive (BAIC) has reportedly submitted a bid to buy a stake in General Motors’ Opel brand. The move challenges Canadian auto parts supplier Magna’s bid, which has reportedly been on the rocks as of recent. Sources familiar with the matter told Reuters, that BAIC submitted an indicative, non-binding offer for Opel and would make a binding offer by mid-July.

Magna International, the frontrunner to buy Opel, hopes to have an approved business plan for Opel on July 7, sources said.

Fiat and Chrysler Group LLC CEO Sergio Marchionne recently said that he heard talks with Magna were “not going very well. “We have confirmed our interest,” he added.

Marchionne said that Fiat’s current bid for Opel is the best it could offer.

- By: Omar Rana

Source: Reuters