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German government evaluates Opel bailout
Germany's economy minister said Monday that the government would not be pushed into a hasty decision following General Motors Corp's Opel unit request for euro3.3 billion ($4.2 billion) in aid.
Karl-Theodor zu Guttenberg met with the bosses of Adam Opel GmbH at his ministry to discuss a plan the company drew up last week.
GM Europe proposed Friday that Opel loosen its ties with its beleaguered U.S. parent and said it would need euro3.3 billion in financing or guarantees from European authorities over the next two years. The aim would be to pay the money back in 2014 or 2015.
"We will not allow ourselves to make a decision under pressure," Guttenberg said after the meeting with GM Europe president Carl-Peter Forster, Adam Opel GmbH CEO Hans Demant, and Klaus Franz, German-based Opel's top employee representative.
Officials had demanded a plan for the company's future before the government would consider any aid to help preserve the roughly 25,000 jobs at Opel's various German facilities. Another stipulation was that no aid should flow to Opel's U.S. parent in Detroit.
The company envisions Opel and its British sister brand Vauxhall becoming at least partially independent of GM.
Before the meeting at the Economy Ministry, Guttenberg said on ARD television that the government would carry out a "very far-reaching examination" of the company's proposals to make sure that Opel has "a truly viable perspective for the future."
Karl-Theodor zu Guttenberg met with the bosses of Adam Opel GmbH at his ministry to discuss a plan the company drew up last week.
GM Europe proposed Friday that Opel loosen its ties with its beleaguered U.S. parent and said it would need euro3.3 billion in financing or guarantees from European authorities over the next two years. The aim would be to pay the money back in 2014 or 2015.
"We will not allow ourselves to make a decision under pressure," Guttenberg said after the meeting with GM Europe president Carl-Peter Forster, Adam Opel GmbH CEO Hans Demant, and Klaus Franz, German-based Opel's top employee representative.
Officials had demanded a plan for the company's future before the government would consider any aid to help preserve the roughly 25,000 jobs at Opel's various German facilities. Another stipulation was that no aid should flow to Opel's U.S. parent in Detroit.
The company envisions Opel and its British sister brand Vauxhall becoming at least partially independent of GM.
Before the meeting at the Economy Ministry, Guttenberg said on ARD television that the government would carry out a "very far-reaching examination" of the company's proposals to make sure that Opel has "a truly viable perspective for the future."