UPDATE: Germany: US Opel Talks Ongoing, Outlined Trusteeship
May 15 2009 - 6:10AM
Dow Jones News
Talks between the German government and the U.S. over the future
of General Motors Corp. (GM) German unit Adam Opel AG including a
possible trusteeship will continue and will possibly be stepped up
in coming days, German government spokesman Thomas Steg said
Friday.
"We are in a regular and very lively exchange with the U.S.
side," Steg said. "There are intensive negotiations and these
negotiations will be continued and possibly intensified even
more."
He said Germany has told the U.S. side it is considering taking
Opel into a state-supported trusteeship to keep it operating should
GM enter bankruptcy before Opel can be sold. This plan isn't alien
to the U.S. side, he said.
His comments follow a newspaper report saying the U.S.
government has rejected the German government's plan for a
trusteeship for Opel.
Steg declined to comment on this.
German Economics Minister Karl-Theodor zu Guttenberg has said
the government would consider the trusteeship step, which could
include bridge financing, only if the two remaining bidders for
Opel submit detailed feasible bids by May 20.
The trusteeship is aimed at allowing Opel to continue operations
and to give time to continue negotiations with possible investors
while at the same time not putting the company or jobs at risks
during this period, Steg said.
Italian auto maker Fiat SpA (F.MI) and a consortium including
Canadian auto parts maker Magna International Inc. (MGA) remain the
two prominent interested parties.
A person familiar with the situation has reportedly said that
RHJ International (RHJI.BT), a European buyout firm with holdings
in the auto-parts sector, has emerged as a suitor for General
Motors Corp.'s (GM) European operations.
-By Andrea Thomas, Dow Jones Newswires; +49-30-288-8410;
andrea.thomas@dowjones.com