Automotive News

Shanghai, April 14 (Gasgoo.com) SAIC denied a report yesterday that it is interested in buying GM's Vauxhall and Opel brands, reiterating that it has no plans for foreign mergers and acquisitions, the Shanghai Securities Journal said.

London's Telegraph reported on Saturday that Shanghai-based SAIC has requested a sale document from GM, who has warned that it may file for bankruptcy in an effort to ensure its survival.

According to the report, "Commerzbank, the German banking group, is orchestrating the sale process on behalf of GM, which is to establish a new subsidiary comprising Vauxhall and Opel, the German car manufacturer. A new investor would be invited to acquire a controlling stake in the company, with GM potentially retaining a minority interest."

Geely Automotive, the Chinese company which owns a stake in Manganese Bronze, has also requested the information from Commerzbank.

Separately, GM China last week denied a media report that GM would sell to its Chinese partner SAIC the Buick brand or the exclusive rights to use this brand in China.