Germany Optimistic about EU Opel Aid

Germany has already approved a 4.5 billion euro aid in guarantees for Opel and, with the sale likely to be closed this week, the country is asking for the other nations hosting Opel factories to announce their contributions to the funding package to support the restructuring process. German Economy Minister Karl-Theodor zu Guttenberg said in a statement that he's very optimistic when it comes to this particular matter, emphasizing that the other European countries should provide support to Opel.

"I am confident about a European solution and the corresponding contributions of our European partners," Guttenberg told reporters according to Reuters.

Germany today approved the 4.5 billion euro loan but, in order for the deal to be completed, there are still a number of issues to be resolved. Nevertheless, the final signature is expected to be given this week.

Negotiations with union leaders across Europe are still under way, with the Antwerp plant and two Vauxhall plants the main issues on the agenda.

"I hope he will have good discussions with union leaders," he said while talking about the meeting between Magna's co-CEO Siegfried Wolf and unions. "They're looking for hard information and strong assurance of the future viability of Vauxhall's plants. We've given support in the past to Vauxhall for development of their green car and I'm prepared to consider that further."

As for the Antwerp plant, GM's CEO Fritz Henderson admitted at the Frankfurt show last month that the factory is at risk but a decision is yet to be made.