Open

Coming up

Don't miss

Replay


LATEST SHOWS

FASHION

Paris, Haute Couture Fall/Winter 2014-2015.

Read more

REPORTERS

Exclusive: an unlikely victim of the 'War on Terror'

Read more

AFRICA NEWS

2014-07-11 21:47 AFRICA NEWS

Read more

MEDIAWATCH

Finally, a good use for new app "Yo"

Read more

THE WORLD THIS WEEK

The World This Week - 11 July 2014 (part 2)

Read more

THE WORLD THIS WEEK

The World This Week - 11 July 2014

Read more

#THE 51%

Sweden: A Feminist's Paradise?

Read more

FRANCE IN FOCUS

Politics: parties under pressure

Read more

FOCUS

In Burma, the rise of radical Buddhism

Read more

  • UN Security Council calls for Israeli-Palestinian ceasefire

    Read more

  • Holland beat hosts Brazil 3-0 to finish third in World Cup

    Read more

  • Afghan presidential candidates agree to full vote audit, Kerry says

    Read more

  • France’s Kadri wins eighth stage at Tour de France

    Read more

  • Legal challenge to French mayor’s ban of Muslim hijab on beach

    Read more

  • Last of the Ramones, Tommy Ramone, dies aged 62

    Read more

  • Video: Outrage in wake of deadly Casablanca buildings collapse

    Read more

  • Iraqi forces ‘executed prisoners in reprisal’ for ISIS killings

    Read more

  • Ukraine promises retaliation after rebel assault

    Read more

  • Putin revives old Cuban flame and eyes Latin American minerals

    Read more

  • Amazon snubs French free delivery ban with one-cent charge

    Read more

  • Cleveland's NBA fans hail 'return of king' LeBron James

    Read more

  • Exclusive: an unlikely victim of the 'War on Terror'

    Read more

  • Magnitude 6.8 quake, small tsunami hit east Japan

    Read more

  • Suspect in Brussels Jewish Museum shooting drops extradition appeal

    Read more

Business

Germany wants more cash from Opel bidders

©

Text by NEWS WIRES

Latest update : 2009-07-19

Germany's economy minister has said that the three bidders for GM's European unit Opel should rely less on government loans and be ready to take on increased risk by putting up more of their own money.

AFP - The three bidders for GM's European unit Opel have to stump up more cash of their own and rely less on government loans and guarantees, Germany's economy minister said on Sunday.
  
"There are still lots of question marks: for example the bidders have to ensure that the new Opel company can start with a strong capital base," Karl-Theodor zu Guttenberg told the Frankfurter Allgemeine Sonntagszeitung.
  
"That means that the bidders have to be ready to take on more risk themselves. Otherwise the EU Commission will not accept the rescue," the minister told the paper in an interview.
  
Merely requiring less in the form of state loan guarantees is not enough, however, zu Guttenberg said, saying he would rather offer 10 billion euros (14 billion dollars) in safe guarantees than one billion euros for a riskier offer.
  
Berlin agreed in late May to support with cheap loans and loan guarantees a bid for a majority stake in Opel by Canadian auto parts maker Magna, which teamed up with state-owned Russian bank Sberbank and automaker GAZ.
  
But the deal is far from done and dusted, with GM, which emerged from bankruptcy earlier this month, also receiving interest from Brussels-based RHJ and from China's Beijing Automotive Industry Company (BAIC).
  
GM's European division said on Friday that its parent had requested final offers for Opel and and British unit Vauxhall be submitted by the close of business on Monday.

Date created : 2009-07-19

Comments

COMMENT(S)