GM Receives Three Bids for Opel, Vauxhall

General Motors Corp. says it has received three bids for its German Adam Opel GmbH and U.K. Vauxhall divisions.

The three bidders include Fiat Auto Group, Canadian parts-supplier Magna International Inc. and Brussels-based investment-firm RHJ International SA.

“We will work with all parties over the next few days on how to proceed in terms of getting memoranda of understanding with the bidder or bidders,” GM spokesman Chris Preuss tells Bloomberg.com.

GM, which is facing a government imposed June 1 deadline to restructure its business or face bankruptcy, says the bids likely will be reviewed by the German government, which will provide financing for any deal.

Bidders also will be required to come to an agreement with GM regarding their proposed ownership stakes in the divisions. According to the Financial Times, GM wants to keep a minority stake of as much as 40% in Opel and Vauxhall.