General Motors chief executive Fritz Henderson today said the race continues for control of beleaguered German carmaker Opel, one of many brands that GM is still trying to sell off as it emerges from bankruptcy, dpa reported. GM is still considering offers for Opel from Canadian-Austrian parts-maker Magna, investment firm RHJ International and Chinese manufacturer Beijing Automotive Industry Holding Company (BAIC). Negotiations were continuing "around the clock," Henderson said at a press conference in Detroit. Magna, together with Russian partner Sherbank, has long been considered the front-runner. The German government, which has propped up Opel with billions of dollars in loans, is also involved in the talks. GM hopes to keep a 35-per-cent stake in the German brand. General Motors on Friday exited bankruptcy under the control of the US government, 40 days after it sought the court's protection from its creditors. The US and Canadian governments have committed more than 50 billion dollars in loans to GM since December. The US manufacturing giant is leaving a series of iconic brands behind - including Pontiac, Saturn, Hummer and Saab - as it struggles to survive in a car market that has been devastated by the global recession.
