China's Beijing Automotive Industry Holding, or BAIC, made a concrete offer for General Motors Corp.'s Adam Opel GmbH unit, a GM spokeswoman said.
A person familiar with the situation said Friday that BAIC handed in a nonbinding offer valued at $924 million for an equity stake in GM's Opel and Vauxhall businesses.
Under the plan, BAIC would own 51% and GM would keep 49%, the person said. No plants would be closed in Germany, but jobs would be cut, including staff at Opel's headquarters.
Meanwhile, German State Secretary Jochen Homann said Friday that Canadian auto supplier Magna International Inc. is the front-runner to take over Opel, but said that the U.S. parent company still has to make the final decision on a deal.