UPDATE:Germany Proposes Trust To Run Opel Temporarily-EU Mins
29 Mai 2009 - 7:57PM
Dow Jones News
Germany's government is proposing to create a five-person trust
to run General Motors Corp.'s(GM) European unit Adam Opel GmbH for
up to six months using a EUR1.5 billion-EUR1.8 billion government
bridge loan, European Union ministers said Friday.
The trust would be made up of two people from GM America, two
from the German government and one independent representative,
ministers said after a meeting in Brussels to discuss the fate of
the troubled European subsidiary.
The trust would run Opel until its buyer takes over, they
said.
Belgian Economy Minister Vincent Van Quickenborne said the money
from the bridge loan would be "fed towards all existing plants, and
not only German plants," addressing some countries' worries that
Germany's plan for a bailout of Opel would privilege its national
workers.
Canadian auto parts giant Magna International Inc. (MGA) now
appears to be favored over Fiat (F.MI) to buy Opel, even though the
Italian carmaker isn't out of the game yet, Scajola said.
-By Alessandro Torello and Matthew Dalton, Dow Jones Newswires;
+32 2 741 1488; alessandro.torello@dowjones.com