Frankfurt - State-owned Chinese carmaker Beijing Automotive Industry Holding Co (BAIC) has presented an indicative offer for a majority stake in General Motors' European business Opel.
Here are key points from the offer document, of which Reuters has seen a copy:
* BAIC to invest 660 million euros for 51% of Opel, needs 2.64 billion euros in guaranteed loans
* GM would retain a 49% stake in Opel if agreements on intellectual property rights are satisfactory to BAIC
* Offer values 100% of Opel equity at 515 million euros, enterprise value at 4.45 billion euros as of end-May
* BAIC plans to build and sell 485 000 Opel vehicles in China through 400 dealerships by 2015
* Plans total investments of $2.25 billion by 2015 for Opel China, primarily to build up production capacity
* Plans to cut 7 584 Opel jobs in Europe, of which 3 018 are in Germany and the rest mainly in Belgium and Spain.