Needless to say there is much speculation over all three bids. RHJ's chances are perceived as having gone up and down - down after reporting a billion Euro loss for the last year. Nevertheless, RHJ still claims to have plenty of cash to finance the deal .

Meanwhile, Beijing Auto has offered €660 million in equity for a 51% stake in Opel, with GM keeping a 49% stake. Beijing hopes to get its hands on GM's technology (including alternative drivetrains), and is thought to be looking to cut capacity in higher cost Belgium and Germany - rather than in the UK - and to produce GM models in large numbers in China.

The Chinese market is growing rapidly and probably offers more opportunity than the Russian market which Magna is targeting. A Beijing deal would also offer GM more upside benefit with a bigger stake in a new GM Europe.

However, Beijing's offer is thought to have raised concerns over technology transfer in Germany. As reported in the Wall Street Journal, an internal German economics ministry document raises concerns that Opel could enter a "difficult dependency" on Beijing.

All this still leaves some major question marks over Vauxhall in the UK. The firm employs around 5,500 workers in the UK, with assembly plants at Ellesmere Port and Luton. Concerns remain that UK workers will suffer job cuts especially if a Magna deal goes ahead, in part because of the financial support coming from Germany to protect jobs there, and also because it is easier to lay off workers in the UK than on the continent.

Magna has said it will look for up to 9,000 redundancies in Europe. Business Secretary Lord Mandelson has stated that he is prepared to offer loan guarantees to support GM Vauxhall operations in the UK. That will probably need to be put in place as soon as a takeover is agreed in order to safeguard British jobs.

The odds are still in favour of Magna acquiring GM Europe, but those odds have shortened as RHJ and Beijing have put in credible offers over the last few weeks. GM now has a 'Plan B' if the Magna deal does not come off.

Professor David Bailey works at Coventry University Business School.