Alternate Route

Jun 25, 2009 - Auction Fever

From Bloomberg.com

By Ben Livesey

June 25 (Bloomberg) -- General Motors Corp. has asked investors to make improved offers for its European division, to rival the bid from Magna International Inc., the Financial Times reported, citing people familiar with the matter. Beijing Automotive Industry Holding Co. aims to hand in an enhanced offer by the middle of July and Belgium-based financial investor RHJ International SA could also make a second offer, the FT said.

GM and Beijing Auto declined to comment and RHJ could not be reached for comment, the FT said.

This reminds me a lot of the fever that the auctioneer tries to build up (and usually does) at an auction. People wind up paying a lot more than they should for things once they get into "don't want to miss out" mode.

2:42 am | Categories: automotive news, gm Permalink | Alert Administrator

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