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GM Narrows Opel Bidders to Two

General Motors announced today that its narrowed the bidders for its German unit Opel down to two: Canadian auto parts maker Magna International and Russian state bank Sberbank, and Belgium investor RHJ International.

General Motors presented its findings to the German Automotive Task Force and the Opel Trust Board on Wednesday.

"We had a good and thoughtful discussion around the key operating metrics and key issues associated with the three final offers we received on Monday evening", said John Smith, GM's chief negotiator for the sale of Opel.

GM neglected to mention China's Beijing Automotive Industry Corp. -- the third bidder -- in the announcement.

By Terri Rupar  |  July 23, 2009; 12:43 PM ET
Categories:  The Ticker  
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