Opel bid failed over I.P. rights

China's Beijing Automotive Industry Corp. said on Friday it had failed to reach an agreement with General Motors Co. on the sale of Opel due to intellectual property issues.

"In the negotiations over intellectual property, we have been in constant communications with General Motors," the company said in an e-mailed statement. "Regrettably, both parties failed to reach agreement on (the intellectual property) issue," the company said.

GM had been considering three final offers for a majority stake in Opel submitted on Monday by Magna International, RHJ International, a Belgian investment firm, and Beijing Auto.

GM's European business said on Thursday it will continue detailed talks on Opel with Magna and RHJ.

Beijing Auto made a bid worth 660 million euros (922 million dollars) for Opel, German newspapers said.

Beijing Auto planned to make Opel a global brand, selling in Asia and Latin America where GM would not welcome additional competition.

The carmaker currently builds Mercedes-Benz and Accent cars in China at joint ventures with Daimler AG and South Korea's Hyundai Motor.