General Motors rejects Opel bid

* Cash-strapped company offered 844m for Opel * Vauxhall assets and facilities weren't part of deal * Offer rejected despite GM's financial peril...

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What Car? Staff
21 November 2008

General Motors rejects Opel bid

A German solar energy company has made a surprise bid to buy Opel from cash-strapped car manufacturer General Motors.

SolarWorld, which bought Shells solar fuels operation two years ago, has offered GM 844m for Opel.

The offer was for Opels four factory sites and its research and development base. However, it was not for any of the assets or facilities of Opel's UK subsidiary Vauxhall.

The offer has been rejected by GM and Opel, even though GM claims it will run out of money before Christmas, and is currently lobbying in America and Europe for cash bail-outs.