Germany Agrees GM's Position on Opel Has Changed

Fervent supporter of a deal between Magna and Opel, the German state admitted during the weekend that GM is no longer the troubled carmaker which put Opel up for sale earlier this year, hinting that Germany understands a possible decision by GM to keep Opel.

This doesn't mean, however, that Germany no longer supports Magna, German finance minister Peer Steinbrueck was quoted as saying by Dow Jones to US treasury secretary Timothy Geithner.

"I have told him what the government's position is, that we are very much interested that the current vacuum will finally be filled," Steinbrueck said. "The government still favours the industrial policy concept of Magna and therefore this partner."

All may be in vain, however, as rumors saying GM will keep Opel and restructure it increase in intensity. Some even say GM's board meeting, scheduled for tomorrow, may be a perfect time to make such a decision.

"The decisions will clearly be made based on the very narrow economic interests of General Motors. It could be that the situation of General Motors over the past months differs from the state of discussions in March, April," the German minister admitted.

In what may be seen as a last ditch effort from the Magna-Sberbank consortium to take Opel, GAZ's owner Oleg Deripaska denied having any interest in acquiring a stake in the German manufacturer, should Magna win the bid.

"We can help them set up assembly at our facility and offer our dealer network for marketing. There is no talk of buying a stake," Deripaska told Russian newspaper Vedomosti, trying to put to rest concerns over a possible Russian involvement, other than financial.