The fate of German carmaker Opel hung in the balance on Thursday after marathon talks on shielding it from the looming bankruptcy of its U.S. parent General Motors ended without a deal.
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German government officials blamed the U.S. Treasury for the failure of talks on state aid for carmaker Opel but said discussions would resume Friday. German officials said the U.S.
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A bid for Opel by China's Beijing Automotive Industry Corp. (BAIC) could still be in the running if the company comes up with a more detailed offer, German Finance Minister Peer Steinbrueck said.
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The European Commission called a meeting of European trade and economy ministers for Friday to discuss the future of carmaker Opel and its plants in Europe, a spokesman said. The meeting is scheduled to take place in Brussels at 3.00 p.m. (1300 GMT).
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Germany's government plans to reach an agreement on providing temporary financing for carmaker Opel if its parent, U.S. carmaker General Motors, files for bankruptcy.
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Fiat chairman Luca Cordero di Montezemolo said ON Wednesday the takeover of Germany's Opel from US auto giant General Motors was "a lottery," adding that Fiat had "done everything possible" to win the bid.
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The British government's business secretary Peter Mandelson has been involved in the negotiations over Opel's future, holding talks with the head of GM and GM Europe in an effort to ensure that any deal protects two GM-owned plants in Britain, the Financial Times reported.
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Bidders for General Motors' German unit Opel were being urged today to improve their offers ahead of an evening meeting with the German government that was set to narrow the field of potential investors. Here are key elements of the bidders' plans:
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The contest between the three main bidders for Opel appears to be descending into horse-trading over who can guarantee the least job cuts in the short term, a UK-based analyst said in a research note.
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The European Commission called a meeting of European trade and economy ministers for Friday to discuss the future of carmaker Opel and its plants in Europe, a spokesman said. The meeting is scheduled to take place in Brussels at 3.00 p.m. (1300 GMT).
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The European Commission will organize a meeting of European Union industry ministers to discuss the sale of carmaker Opel, an EU spokesman said on Wednesday.
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Bidders for German carmaker Opel are being pressed to make last-minute changes to their offers ahead of a meeting on Wednesday that could narrow the field of potential investors in the General Motors unit.
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Germany aims to narrow the field of bidders for General Motors unit Opel on Wednesday and reach a deal to provide the carmaker with temporary financing should its U.S. parent file for bankruptcy.
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Germany scrambled on Wednesday to put a plan in place to protect carmaker Opel from a looming bankruptcy filing by U.S. parent General Motors.
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A bid for carmaker Opel by China's Beijing Automotive Industry Corp. (BAIC) came too late for the government to assess it in depth, German Finance Minister Peer Steinbrueck said on Wednesday.
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Magna International's bid to buy Germany's iconic Opel brand is a gamble on the future of the auto industry in Europe. It also provide Magna's billionaire founder a chance to cement his legacy.
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Magna International's bid to buy Germany's iconic Opel brand is a gamble on the future of the auto industry in Europe. It also provide Magna's billionaire founder a chance to cement his legacy.
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Magna International's bid to buy Germany's iconic Opel brand is a gamble on the future of the auto industry in Europe. It also provide Magna's billionaire founder a chance to cement his legacy.
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The German cabinet could agree to grant Opel bridge financing, finance minister Peer Steinbrueck said on Wednesday.
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An acquisition of Opel by Beijing Automotive Industry Corp (BAIC), the fourth interested party that did not make it before the deadline for the official bids, would be strategically sensible, experts have said.
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