An emergency rescue plan has been prepared by labour unions in order to save Opel should none of the three contenders currently bidding for the GM subsidiary succeed, a local paper has said.
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Citing Opel labour leader Klaus Franz, the Frankfurter Allgemeine Zeitung (FAZ) said on its website that should the three-horse race to acquire Opel fail to produce a winning bid, then Opel’s employee representatives have put together an alternative.
The plan would see Opel dealers invest half a billion euros with workers contributing EUR1 billion in a wage sacrifice.
The auction for Opel is being contested by three parties at present: Italy’s Fiat; Canadian-Austrian car parts group Magna; and investment firm RHJ International.
It is likely that the German government would also play a part in the rescue plan by providing financing to help any buyer.
