MAGNA INTERNATIONAL, the Canadian car parts supplier in the top running to buy General Motors’ (GM) Opel brand, looked to be losing its grip on the deal this weekend, as Beijing Automotive Industry Holding also submitted a bid, and Belgian holding company RHJ International waited in the wings.<br /><br />The administration in Germany, where Opel is headquartered, chose Magna as the preferred bidder for the brand in May, but the deal’s progress has been hindered as both sides fail to agree on the finer details of the sale. <br /><br />“We’re waiting for the right deal,” a GM spokesman said yesterday.<br /><br />Beijing Automotive has not given details of its non-binding proposal. RHJ is understood to be preparing an “improved offer” after it pulled out of the runnings earlier this year.<br /><br />Industry sources have said that a tentative deadline of 15 July had been set for GM and Magna to finalise a sale.<br /><br />“The desire to get the deal sorted by mid-July would help GM come out of administration,” GM said yesterday. “It’s not a firm deadline,” it added.<br /><br />Meanwhile in the UK, business secretary Peter Mandelson said that the government would be willing to lend money if it would help complete GM’s sale to Magna.<br /><br />“We are prepared to financially underwrite that deal,” he said, adding that aid could include loans and loan guarantees. <br /><br />Opel has two factories in the UK, in Ellesmere Port and Luton, which employ around 5,000 people.<br /><br />GM is selling off its European arm as part of a massive restructuring plan, which includes the bankruptcy of its US company, and thousands of job losses and factory closures worldwide.