GM may sign non-binding MOU with BAIC, RHJ

Shanghai, June 26 (Gasgoo.com) US auto giant General Motors may sign non-binding memoranda of understanding with RHJ International SA and Beijing Automotive Industry Holding Co for selling Opel, Bloomberg reports Friday, citing people familiar with the talks.

Citing the source, the report said talks between GM and Magna have stalled over the issue of "the use of GM's technology and engineering designs".

Earlier GM has asked investors to make improved offers for its European division, to rival the bid from Magna International Inc. Beijing Auto expects to hand in an enhanced offer by the middle of July and Belgium-based financial investor RHJ International SA could also make a second offer.

Beijing Auto executives are meeting managers week at GM Europe after it expressed interest in Opel for a second time. The second approach described in more detail how Beijing Auto would structure a possible takeover, and GM decided it warranted a response, according to reports.

Bloomberg report