The French government has warned the European Commission that it needs to ensure that the financial rescue of Opel does not put French based rivals at a competitive disadvantage.
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Speaking in the Financial Times Deutschland at the end of last week, the French Economy minister said he feared the aid Opel is to receive could be to the detriment of French carmakers.
Christine Lagarde told the newspaper: “Should aid be given that would distort the competition and violate the level playing field principle, Commissioner Neelie Kroes must require special endeavours from Opel.”
“This should not come to the disadvantage of competitors, who are performing better and have pursued a more efficient strategy,” Lagarde said.
Earlier this week, Opel confirmed that it has received the first draw in the amount of EUR300m from the EUR1.5bn bridge financing agreement with the German government.
Opel is no longer relying on Magna to cover the carmaker’s short-term liquidity needs.
Magna had initially offered to loan Opel the US$500m it said it needed to cover short-term liquidity needs.
Earlier this month, the German government reached a landmark deal with Magna, General Motors and governments to save Opel from the imminent bankruptcy of its US parent.
