MUNICH -(Dow Jones)- China's Beijing Automotive Industry Holding has made a concrete offer for General Motors Corp.'s (GM) Adam Opel GmbH unit, a person familiar with the situation told Dow Jones Newswires Friday. The person said BAIC's offer is non-binding.
Canadian auto supplier Magna International Inc. (MGA) is the front runner to take over Opel and wants to clinch a binding deal with GM this month.
In May, GM signed a memorandum of understanding to sell a majority stake in Opel and its British sister brand Vauxhall to Magna, whose bid is backed by Russia's Sberbank Rossia (SBER.RS) and auto maker OAO GAZ Group. Opel's powerful labor unions have already voiced support for the takeover.
The tentative agreement with Magna is backed by EUR1.5 billion in bridge financing provided by the German government to keep Opel afloat as parent GM filed for bankruptcy protection in the U.S.
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