GM seeks new bid for EU arm

General Motors is soliciting rival bids to trump frontrunner Magna’s offer for its European operations, with China’s Beijing Automotive Industry Corporation (BAIC) expected to seek a deal. BAIC is understood to be preparing an offer to be submitted before the end of July, while Belgium-based investor RHJ International may also put in a bid. Canadian firm Magna has preferred bidder status, after it signed a memorandum of understanding to take a 55 per cent stake in conjunction with Russia’s Sberbank.