Fiat, Magna and RHJ set to unveil GM Europe bids

AT LEAST three bidders are in the running to buy the European operations of stricken US automaker General Motors, it has emerged.<br /><br />Brussels car parts group RHJ International, Italian manufacturer Fiat and Canada&rsquo;s Magna are likely to reveal formal offers for the Opel-Vauxhall division by today&rsquo;s deadline.<br /><br />The groups are likely to be asked to offer at least &euro;650m (&pound;572m), a sum which is also within the means of around three private equity and sovereign wealth investors seen as possible but less likely buyers.<br /><br />The size of the final stake to be bought will be worked out in talks.<br /><br />Debt-laden Detroit giant General Motors recently said it is halting operations in Venezuela for at least three months from June as tumbling sales and government import restrictions add to its woes.<br /><br />It is now widely expected to file for Chapter 11 bankruptcy protection in the US by the start of June.