General Motors Co. has yet to recommend its favored bidder for a majority stake in Opel, the trust running the European operation said Saturday.
The U.S. auto maker received final bids for the business July 20, and dropped one proposal from China’s BAIC to focus on those led by auto supplier Magna International Inc., and Belgian holding company RHJ International SA.
“We will take our decision only when the necessary pre-conditions have been met and we have received a firm proposal to base our decision on,” said Fred Irwin, chairman of the Opel trustees board in a statement issued Saturday.
The trustees did not expand on what the “pre-conditions” are, but stressed they had not made any “pre-decisions” amid intense speculation that stakeholders in the process favor one or other offer.
“The aim of the trust is to ensure an open and fair process and at the end of that process – in coordination with the trust holder and the German and state governments – take a vote in favor of the proposal that offers the best commercial concept for the future of Opel,” it said in a statement.