GM Receives Three Offers for Opel

As we told you yesterday, all of the three bidders who race to get their hands on German brand Opel were expected to submit their offers to both GM and the German government last night. They did and now the American manufacturer has plenty to choose from. Even if GM hasn't officially named the bidders, they are Magna/Sberbank, BAIC and RHJ International.

"The final bids as well as GM's preliminary findings will then be reviewed with the German and other impacted governments, the EU Commission and the Opel/Vauxhall Trust Board," GM Europe said in a statement

The surprise came from Magna, who decided, in a last ditch effort to get back in the race, to evenly split the stake they will take in Opel with partner Sberbank, both taking 27.5 percent, different from the original 20 percent for Magna and 35 percent for Sberbank.

The emergence of the other two bidders have thrown GM and Germany in a stalemate, with the latter even reportedly threatening to pull back their financial support should GM go for another bidder than Magna.

"If there is disagreement between GM and Germany we naturally have a problem and it becomes really complicated," a source familiar with Opel's trustees was quoted as saying by Reuters.

GM on the other hand does not seem to have as much problem with looking elsewhere for a new possible future Opel owner. Especially because rumors say RHJ's offer provides a loophole through which it can buy back its share in due time. A possibility loathed by Germany.

"This is incompatible with our views and cannot happen," Karl-Theodor zu Guttenberg told German newspaper Frankfurter Allgemeine Sonntagszeitung.