UPDATE: EU Seeks More Information From Germany On Opel Aid
01 Juli 2009 - 2:00PM
Dow Jones News
The European Commission is seeking further information from
Germany on aid to General Motors Corp.'s (GM) European unit Adam
Opel GmbH, a spokesman said Wednesday.
The commission is "still verifying whether the Opel bridging
loan" fits into the overall scheme to sustain Germany's economy,
which has already been approved, Jonathan Todd, competition
spokesman, said during a daily press conference. "We are still
lacking some specific information from the German authorities," he
said, adding however that it is just a "routine matter," and that a
conclusion should come quickly, once the commission obtains the
missing information.
Todd said last month that Germany wouldn't have to notify the
Opel aid to the commission for approval since the loans appeared to
be in line with the German scheme to help companies suffering as a
result of the financial crisis.
The German government has selected Austrian-Canadian car parts
maker Magna International Inc. (MGA) as a partner for Opel, and is
providing a EUR1.5 billion bridging loan.
-By Alessandro Torello and Peppi Kiviniemi, Dow Jones Newswires;
+32 2 741 14 88; alessandro.torello@dowjones.com