The German government is prepared to provide EUR4.5bn (US$6.35bn) in state aid for Opel if General Motors chooses Magna International rather than finance group RHJ to buy Opel, Deputy Economy Minister Jochen Homann said.
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GM’s board is due to meet tomorrow (Friday, Aug 21) to choose between the two suitors. Berlin said that no money would be made available to RHJ.
“We could envisage making a loan available, then later agreeing precisely how the costs are to be shared out with the other European countries,” Homann — who heads the government’s Opel task force — told Reuters.
Other governments such as Britain, Spain, Poland and Belgium could contribute once the degree of their further involvement in GM’s European operations, which employs some 50,000 in Europe, became clear.
