UPDATE:German Econ Min: Not Fixed On Particular Opel Investor
08 Mai 2009 - 6:08PM
Dow Jones News
The German government hasn't fixed its sights on any particular
potential investor in General Motors Corp.'s (GM) German unit Opel,
Economics Minister Karl-Theodor zu Guttenberg said Friday.
"At the moment, everything in this respect is open," he said,
adding it would be "absurd" at this point to make any preliminary
decisions that could compromise Opel's negotiating position.
Both Italian carmaker Fiat SpA (F.MI) and Austrian-Canadian auto
parts manufacturer Magna International Inc.(MG.A.T) have presented
plans for a possible Opel takeover, he said. The Fiat plan is more
detailed, while Magna's is more a rough concept, but Magna is still
working on refining its plan, the minister said.
A plan for General Motors Europe must be developed at the
European level, zu Guttenberg said, adding potentially interested
investors should keep this in mind.
Right now nobody wants the group to be broken up and the
remaining parts allocated, he said.
Zu Guttenberg said he welcomed the fact that Fiat Chief
Executive sought out talks with the premiers of two German states
Friday to present his plan for Opel.
The minister said it is "correct and important" that all
potentially interested investors meet with all parties
involved.
He said he had also recommended to Magna that the company meet
for discussions with all European partners and governments, so that
everyone would have the same information.
Zu Guttenberg said he had had a "good talk" with Magna
representatives and he hopes Magna will initiate talks with other
European officials.
Web sites: www.fiat.com; www.opel.de; www.magna.com;
www.bmwi.de
-By Beate Preuschoff; Dow Jones Newswires; +49 69 29 725 500;
djnews.frankfurt@dowjones.com