Germany Selects Magna As Partner For Opel
30 Mai 2009 - 3:13AM
Dow Jones News
The German government early Saturday said it selected
Austrian-Canadian car parts maker Magna International Inc. (MGA) as
a partner for General Motors Corp.'s (GM) German Adam Opel GmbH
unit, ahead of a likely bankruptcy filing of Opel's parent GM in
the U.S.
Speaking after hours of intense negotiations, German Finance
Minister Peer Steinbrueck told reporters the German government is
well aware of the risks posed by the deal, but nevertheless
defended the rescue of the troubled German carmaker as
justified.
Germany will provide EUR1.5 billion in bridge financing for
Opel, paving the way for a takeover by Magna and its two Russian
partners.
Steinbrueck said the EUR1.5 billion bridge financing, which it
intended to keep Opel afloat until the details of a takeover by
Magna are decided, is the upper limit the German government is
willing to provide.
Steinbrueck said the parties involved also agreed on the model
of a trusteeship for Opel for the interim period.
A press conference has been scheduled for Saturday at 8:00 a.m.
GMT to explain further details of the Opel deal, the finance
minister said.
-By Christoph Rauwald and Klaus Brune, Dow Jones Newswires; +49
69 29 725 512; christoph.rauwald@dowjones.com