UPDATE:German Min:Could Arrange Opel Trusteeship If Bid Solid
14 Mai 2009 - 3:04PM
Dow Jones News
Germany would consider a temporary state-trusteeship for General
Motors Corp.'s (GM) Adam Opel AG unit, if investors present
detailed, feasible bids by Wednesday, Economic Minister
Karl-Theodor zu Guttenberg said Thursday.
"And I emphasize the word 'if,'" zu Guttenberg said at a press
briefing following a top-level internal meeting on Opel in Berlin,
which included Chancellor Angela Merkel and Finance Minister Peer
Steinbrueck.
In such a temporarily state-trusteeship of Opel, the company
might get a credit line provided by state-owned bank KfW and
state-owned Landesbanken of the states with Opel plants.
The two investors that have expressed interest in Opel include
Fiat SpA (F.MI) as well as a consortium that involves Canadian auto
parts maker Magna.
"It is important to know that until May 20 the two investors, or
interested parties, want to provide their concepts, at least we
hope for a more sustainable concept than the only very rough plan
presented so far," he said. "On the basis of the sustainability of
this plan, we will then decide what to do."
He added the government is striving for a trustee solution if a
sustainable plan emerges.
"This solution must ensure that the negotiations will continue
and secondly that tax payers' money won't be wasted," he said.
He said the trustee solution might be needed because "it is
quite possible that there will be a fundamental decision in the
United States within the next weeks regarding the future of General
Motors, Chapter 11 is being discussed," he said.
Further, zu Guttenberg didn't rule out that there could be other
potential investors for Opel.
-By Nikki Houston and Andrea Thomas, Dow Jones Newswires;
+49-30-288-8410; andrea.thomas@dowjones.com