Germany wants a quick separation between GM and Opel
German Chancellor Angela Merkel said on Monday that Germany wanted a separation between Opel and its parent, the American automaker General Motors before a possible placement of GM under the protection of the American bankruptcy law.
"We do not want to find ourselves in a situation where we would become almost appendages" of a possible bankruptcy proceedings instituted by GM, Merkel stressed at a press conference. "The interest in Germany is that the separation and legal aspects are loops before this," she adds.
The footmuff, including government examines three competing bids for the purchase of Opel, has said that a decision on the future of the automaker would be announced during the week. Opel employs 25,000 people in Germany, or nearly half of the total workforce of GM Europe, and Berlin intends save as many jobs as possible.
The Obama administration gave GM has until June 1 to restructure, otherwise the giant Detroit will be placed under the protection of Chapter 11, the American bankruptcy law.
Germany emphasizes that it is a GM and the U.S. administration to choose a buyer, it committed itself to put the hand pocket to keep Opel activity. The German government will probably make solid loan guarantees has a buyer and wants to ensure that the German taxpayer money will not be drawn into an American bankruptcy proceedings.
Three buyers are in the running: the Italian automaker Fiat, a consortium of Canadian auto parts maker Magna International and Russian bank Sberbank and the American fund Ripplewood.
Merkel precise that takeover bids evolved "day after day." His spokesman Ulrich Wilhelm said that the footmuff was discussing Opel during a telephone conversation Saturday with Russian Prime Minister Vladimir Putin and she also met Sunday leaders Magna. Merkel must also have an interview with the boss of Fiat, Sergio Marchionne, at the beginning of this week, he added.
Several German politicians have indicated that the supply of Magna had their preference. But in statements published Sunday, Economy Minister Karl-Theodor zu Guttenberg is estimated that three projects have shortcomings and that bankruptcy might be preferable Opel if they are not improved.
These comments have attracted criticism of Social Democrats, partners in the "grand coalition" with the ruling Christian Democrat Merkel. Mr. Wilhelm seeks to calm the polemic by specifying Monday that Mr. Guttenberg wanted to avoid an Opel bankruptcy.
