Beijing Auto unsure of approval to buy Opel stake

Shanghai, May 26 (Gasgoo.com) China's Beijing Automotive Industry Corp (BAIC) is still not sure whether it would be approved to buy a stake in Opel, the official Shanghai Securities News reported on Tuesday.

Citing people familiar with the matter, the newspaper said it is yet unknown whether BAIC can obtain the warrant to bid since it expressed an interest a day after a bidding deadline passed.

Shu Chang, deputy general manager of BAIC, once told the newspaper that acquisition can step up growth in auto business, without elaborating. BAIC didn't provide details.

Officials from three former bidders, including Fiat SpA, Canadian car parts group Magna and Belgium-listed industrial holding RHJ International (RHJI.BR) are holding final rounds of talks in Germany on Tuesday. The German government said it aims for a decision by the middle of this week.

BAIC may still have a chance to buy a stake should the bids of the three forms fall through.

BAIC said last week it sold 366,000 vehicles in the first four months of this year, representing a year-on-year growth of 21.5%. Total profits jumped 56.3% year on year to 1.34 billion yuan and total sales revenues rose 12% year on year to 31.54 billion yuan in the same period.