- Jul 20, 2009
German economics minister reportedly says no to Opel buy-back option for GM
As the theory goes, GM isn't selling Opel because it feels like it doesn't add value – Opel in fact offers huge value to GM and has had lead responsibility for developing the global mid-sized, compact and small car platforms being used by the automaker. Instead, Opel is on the block because the home office needs the cash. Thus, if GM is able to be flush with cash once again, it would like to reserve the right to regain to full control.
According to Reuters, Karl-Theodor zu Guttenberg, Germany's economics minister is having none of that business. In fact, he has apparently told Frankfurter Allgemeine Sonntagszeitung that no such clause would be allowed if Opel is to receive any German government aid. The German government is also wary of any financial groups like Belgium's RHJ International taking a stake – instead, they reportedly prefer an owner with a long term interest in the industry like Magna International.
[Source: Reuters | Image: Ralph Orlowski/Getty]