UPDATE: German Econ Min:Government Sees No Frontrunner For Opel Yet
26 Mai 2009 - 3:57PM
Dow Jones News
German Economy Minister Karl-Theodor zu Guttenberg said Tuesday
that the federal government sees no frontrunner yet for a deal with
General Motors Corp.'s (GM) German Adam Opel GmbH unit, adding all
three bidders are still in the race.
Speaking to reporters in Berlin, Guttenberg confirmed the German
government plans to make a first decision on the three bids
Wednesday.
Auto supplier Magna International Inc. (MGA) and its Russian
partners appear to be frontrunner for a deal with Opel, according
to several German politicians and Opel's labor unions. Magna has
teamed up with Russia's OAO GAZ Group (GAZA.RS) and Sberbank
(SBER.RS) in its bid.
Italian automaker Fiat SpA (F.MI) and Ripplewood Holdings LLC
have launched rival offers.
Guttenberg said the bidders are aware their offers need to be
improved in certain areas. "There is no company, that filed a bid
to us, which wouldn't raise (some questions)," Guttenberg said.
Referring to the talks with Fiat earlier Tuesday, Guttenberg
said his impression was "a sincere one, not a bad one." He added,
however, that Fiat would have to improve its offer as well.
Guttenberg reiterated previous statements that all options must
be kept open for Opel, including an orderly insolvency.
Company Web site: www.opel.com
-By Beate Preuschoff, Dow Jones Newswires; +49 30 2888 4122;
beate.preuschoff@dowjones.com