German Econ Min:Still Need Improved Opel Bids From Fiat,Magna
May 27 2009 - 9:45AM
Dow Jones News
Magna International Inc. (MGA) and Italian Automaker Fiat SpA
(F.MI) still need to improve their bids for General Motors Corp.'s
(GM) Adam Opel GmbH unit, German Economic Minister Karl-Theodor zu
Guttenberg said Wednesday.
Zu Guttenberg warned that an insolvency of the German carmaker
remains an option as long as risks aren't shared and the U.S.
doesn't back a trusteeship model for the company,
"At present, we have no such improvement that would allow us to
say this (concept for the future of Opel) is more sustainable than
previously," zu Guttenberg told reporters.
A top meeting Wednesday evening would be a success if the German
government, state governments, the U.S. Treasury and GM agree on a
trusteeship model for Opel and if investors would be willing to
take on risks, he said.
-By Andrea Thomas, Dow Jones Newswires; +49 (0)30 2888 4126;
andrea.thomas@dowjones.com