UPDATE:German Government:Opel Staff Won't Get Voting Rights Via Stock
22 September 2009 - 3:56PM
Dow Jones News
Adam Opel GmbH employees won't get extra voting rights through
their 10% stake in the New Opel company, a German government
official told the lower house of parliament's economics committee
Tuesday, according to a summary provided by the lower house's press
department.
In the meeting, the government official said Opel staff won't
get voting rights for their stake because employees are already
represented on Opel's supervisory board with half of the seats and
they would get an absolute majority if they got any extra seats,
according to the press department.
Earlier this month, General Motors Co. agreed to sell a majority
stake in Opel and its U.K. brand Vauxhall to Canadian auto-parts
maker Magna International Inc. (MGA), which launched a joint bid
with Russian state-controlled savings bank OAO Sberbank (SBER.RS).
Magna and Sberbank will buy a 55% stake while GM will keep a 35%
stake.
In terms of the deal, which is expected to close by the end of
November, New Opel will get EUR4.5 billion in state-backed
financing while Magna and Sberbank will providing EUR500 million
equity.
The government official also rejected suggestions that Opel is
illiquid or will be illiquid soon, according to the press
department.
German Deputy Economics Minister Peter Hintze told reporters on
the sidelines of the extraordinary committee meeting that Magna's
business plan for Opel is "very sustainable."
He also said he expects the European Commission's examination of
the state aid given to Opel to have a positive conclusion. Hintze
said he believes the commission will be convinced that the
state-backed financing "fully complies with E.U. law."
Web sites: www.opel.de ; www.bundeswirtschaftsministerium.de
-By Andrea Thomas and Andreas Kissler, Dow Jones Newswires;
+49-30-288-8410; andrea.thomas@dowjones.com