European Opel Dealers Confirm Plan To Take Stake In Co
15 Mai 2009 - 2:07PM
Dow Jones News
European Opel dealer association Euroda said Friday it plans to
take a stake of around 15% in General Motors Corp.'s (GM) core
European brand after the planned spin-off from its troubled parent
company, rubber-stamping a plan presented in March.
Euroda Chairman Jaap Timmer said during a telephone conference
with reporters that the dealers would expect a representation on
Opel's supervisory board if the plan goes through, adding that
talks with the company over possible further steps will be held
next week.
In March, Opel's dealers said they were willing to help bail out
the troubled company by raising around EUR400 million or more from
a levy on car sales to fund the investment.
Under the proposal, dealers would contribute EUR150 to the fund
from the sale of each vehicle for a period of three years. The
Euroda association represents 4,000 dealers with about 120,000
employees.
Company Web site: www.opel.com
-By Christoph Rauwald, Dow Jones Newswires; +49 69 29 725 512;
christoph.rauwald@dowjones.com