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Germany says Opel decision next week
Published in Saudi Press Agency on 02 - 05 - 2009


A decision on the search for a new investor for
German carmaker Opel will be made next week, dpa cited Economics Minister Karl-Theodor zu Guttenberg as saying today.
Three firms have submitted bids to take over the European
operation of troubled US carmaker General Motors (GM), among them
Canadian-Austrian car parts and assembly group Magna.
Zu Guttenberg said Magna had presented "an interesting concept,"
but one that "raised questions." He said the government had to weigh
the risks involved if asked to provide state credits to finance new
investments in Opel.
The other firms seeking to take over Opel are carmaker Fiat of
Italy and US-based private-equity group Ripplewood.
The German government is expected to participate in a
bail-out. The government discussed the bids on Friday with the
leaders of four federal states where Opel has plants.
One of the leaders, Hesse Premier Roland Koch, said the states'
first choice was Magna, but North Rhine-Westphalia Premier Juergen
Ruetters said he was not happy with Magna's plans.
Canada-based Magna, which has extensive operations in Austria,
filed its proposal in conjunction with Russia automotive group GAZ
and Russia's Sberbank.
Magna spokesman Daniel Witzani said the plan envisaged GM and
Magna's Russian partner each taking a 35 per cent stake, with Magna
holding 20 per cent and Opel employees 10 per cent of the new
company.
Witzani, speaking in Vienna, said the company would not close any
of Opel's plants in Germany if the deal went through. Opel employs
about 25,000 people in Germany.
Fiat has said it expects 10,000 jobs to be axed if its bid is
accepted. Magna did not give an exact figure but information obtained
by the German Press Agency dpa suggested 2,600 jobs would go, the
bulk of them in North Rhine-Westphalia.
Magna said it wants the German government to make available 4-5
billion euros in state guarantees to support the new operation.
The final decision on the future of GM's European subsidiary will
be reached by GM and the US government, but Germany has a stake in
the decision as any outcome is likely to rely on the German state
guarantees.
Meanwhile, GM must present the US government with a viable
strategy for survival by May 29.
A German delegation is on standby to travel to Washington for
negotiations over the weekend.


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