Opel bids disappointing
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The Associated Press
Oluşturulma Tarihi: Mayıs 25, 2009 00:00
BERLIN - All three bids for General Motors’ Opel unit have shortcomings and a bankruptcy filing might still be a better option, Germany's economy minister was quoted as saying.
The three bids filed last Wednesday by potential investors came from Italy's Fiat, a consortium of Canadian auto parts maker Magna International and Russia's Sberbank, and U.S. buyout firm Ripplewood Holdings. "We now have three offers for an Opel takeover, but that doesn't mean that one of them will ... come to fruition," Economy Minister Karl-Theodor zu Guttenberg was quoted as telling the Bild am Sonntag newspaper.
"We must first have a high degree of certainty that the significant tax money we will have to provide is not lost," he added. "From my point of view, none of the three offers so far provides this certainty in a sufficient way."
"If these deficits were to remain, an orderly insolvency would clearly be the better solution - it also could open opportunities for the future of Opel," Guttenberg said.
U.S. parent GM faces a June 1 deadline to restructure or file for bankruptcy. Berlin is keen to ensure the future of Adam Opel GmbH. Opel employs some 25,000 people in Germany, nearly half GM Europe's total workforce. German officials stress that it is up to GM to choose Opel's investor, while Berlin will decide whether and how to lend state support.
"We must first have a high degree of certainty that the significant tax money we will have to provide is not lost," he added. "From my point of view, none of the three offers so far provides this certainty in a sufficient way."
"If these deficits were to remain, an orderly insolvency would clearly be the better solution - it also could open opportunities for the future of Opel," Guttenberg said.
U.S. parent GM faces a June 1 deadline to restructure or file for bankruptcy. Berlin is keen to ensure the future of Adam Opel GmbH. Opel employs some 25,000 people in Germany, nearly half GM Europe's total workforce. German officials stress that it is up to GM to choose Opel's investor, while Berlin will decide whether and how to lend state support.