Germany's Merkel: GM's Opel Rescue Was A Special Case
02 Juni 2009 - 12:09PM
Dow Jones News
The rescue of General Motors Corp.'s (GM) German Adam Opel GmbH
unit has been a singular case and although the bailout is
justifiable, it's not without risks, Germany's Chancellor Angela
Merkel said Tuesday.
"I stick to this, we had a special case in the case of Opel,"
Merkel said at a conference organized by the Initiative New Social
Market Economy, or INSM. "I don't see any such second case."
She also said Opel now has to be able to get by with the
guarantees provided to the Ruesselsheim-based carmaker.
The German government Saturday selected Austrian-Canadian car
parts maker Magna International Inc. (MGA) as a partner for Opel
and agreed on to provide EUR1.5 billion in bridge financing from
the federal and state governments, paving the way for a takeover by
Magna and its two Russian partners.
-By Andrea Thomas, Dow Jones Newswires; +49-(0)30-2888-4126;
andrea.thomas@dowjones.com