As the race for Opel enters a critical phase in which the German government chooses a preferred bidder, analysts are concluding that the political backdrop in Germany and the need for concessions on capacity reductions threatens to undermine the benefits that a Fiat-Opel merger could bring.
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The future of General Motors' Opel, Vauxhall and Saab divisions should be settled at a European level and not country by country, Belgium's prime minister, and premier of the Flanders region where Opel's Antwerp factory employs 2,600 workers, has said.
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With the German government expected to make its decision on who it favours to buy a majority share in General Motors' Opel unit tonight (Wed), Fiat's bid was boosted as Italy's second largest lender, Intesa Sanpaolo, said it was ready to provide Fiat with financial support.
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Opel's supervisory board was holding an extraordinary meeting on Wednesday morning to decide on the carmaker's legal separation from its parent General Motors, a person familiar with the matter has said. It has also emerged that a Chinese automaker has submitted a last-minute bid.
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Belgium's prime minister and the premier of the Flanders region have written letters to Germany and the European Commission insisting that the future of Opel be settled at a European level.
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Opel's supervisory board was holding an extraordinary meeting on Wednesday morning to decide on the carmaker's legal separation from its parent General Motors, a person familiar with the matter said.
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The German government has decided to give Fiat and Magna preferred bidder status for General Motors' Opel unit and grant them access to the automaker's books, the German daily Die Welt said.
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The German government has decided to give Fiat and Magna preferred bidder status for General Motors' Opel unit and grant them access to the automaker's books, the German daily Die Welt said.
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The German government has decided to give Fiat and Magna preferred bidder status for General Motors' Opel unit and grant them access to the automaker's books, the German daily Die Welt said.
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Germany scrambled today to put a plan in place to protect Opel from a looming bankruptcy filing by its U.S. parent General Motors.
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German Economy Minister Karl-Theodor zu Guttenberg said on Tuesday he expected a preliminary decision on bidders for Opel on Wednesday, but talks could continue with more than one investor afterwards.
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The German government is continuing talks with Fiat S.p.A. and other bidders for carmaker Opel following constructive negotiations with the Italian auto company, a government official said on Tuesday.
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Intesa SanPaolo is ready to give financial support to Fiat S.p.A. for its Opel bid, the Italian banking giant's chief executive said on Tuesday.
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The German government has said it would select its preferred bidder for Opel and Vauxhall's operations as early as tomorrow. Although the sale is ultimately the decision of parent General Motors, the government has a say as it would likely provide billions of euros in financing guarantees.
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Germany pressed the three bidders for General Motors' unit Opel to improve their offers for the carmaker today, saying they needed to assume greater risks and make credible commitments to preserve jobs and sites.
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BERLIN (Reuters) -- Germany pressed suitors of General Motors unit Opel to improve their offers and a fourth bidder from China emerged on the eve of a top-level meeting to decide the fate of the carmaker.
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Germany pressed the three bidders for General Motors' unit Opel to improve their offers for the carmaker today, saying they needed to assume greater risks and make credible commitments to preserve jobs and sites.
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Germany pressed the three bidders for General Motors' unit Opel to improve their offers for the carmaker on Tuesday, saying they needed to assume greater risks and make credible commitments to preserve jobs and sites.
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Germany denied it was considering a possible breakup of carmaker Opel ahead of a crucial final round of meetings on Tuesday between the government and top executives from Italian suitor Fiat.
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Fiat CEO Sergio Marchionne is trying to convince General Motors and the German government that Opel will be better off with his "no-cash, no-debt" deal than a rival proposal that includes a one-time injection of money. Fiat S.p.A.
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