Merkel Visits Opel, Govts Could Buy 29 Percent of the Company

The German soap-opera Opel is currently involved in continued today with a new episode starring Federal Chancellor Angela Merkel and a couple of other officials who visited the Insignia production site in Rüsselsheim. Merkel was accompanied by Hessen’s State Premier Roland Koch, German Defense Minister Franz Josef Jung as well as Hessen’s Economic Minister Dieter Posch.

Opel is seeking 3.3 billion euros ($4.4 billion) in state funds to survive the economic turmoil and remain in business without the need of an investor. However, General Motors insisted that it aims to transform the German unit into a stand-alone car manufacturer and sell the majority control stake to another investor.

Until then, an interesting report came out today. While Angela Merkel repeatedly said Germany has absolutely no intention in buying Opel stakes, Germany's Deputy Chancellor Frank-Walter Steinmeier wants European governments to purchase a stake of up to 29 percent in the German brand and thus, help it cope with the recession.

Meanwhile, GM Europe President Carl-Peter Forster continued its pledge for a bright future for the German brand, saying at the Rüsselsheim plant that they are still aiming to transform Opel into a powerful independent company.

“During the current discussions it is quickly forgotten that Opel already has done so much of its homework. Independent experts confirm the high quality of our products. Opel automobiles regularly belong to the winners of tough comparison tests made by critical specialist media.

"On the corporate side, we have set also in place important steps in order to consolidate Opel together with its European production network and National Sales Companies into a broadly independent unit," GM Europe President Carl-Peter Forster said.
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About the author: Bogdan Popa
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Bogdan keeps an eye on how technology is taking over the car world. His long-term goals are buying an 18-wheeler because he needs more space for his kid’s toys, and convincing Google and Apple that Android Auto and CarPlay deserve at least as much attention as their phones.
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