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April 9, 2010

GERMANY: Government calls for more financial information from Opel

The German government still does not have sufficient information on General Motors’ restructuring plan for Opel to enable it to decide whether it will contribute financial aid, a person involved in the review has said.

The German government still does not have sufficient information on General Motors’ restructuring plan for Opel to enable it to decide whether it will contribute financial aid, a person involved in the review has said.

GM is seeking state aid worth EUR1.8 bn (US$2.4bn) in Europe, with Germany accounting for between 50% and 60% of this figure, to help finance a wide-ranging turnaround plan of its operations in the region.

A source told Dow Jones the German government still require further financial information.

The UK government has already committed to providing EUR300m (US$400m) in loans to Vauxhall.

Opel’s talks with the governments of Spain, Poland and Austria on state aid also have not been finalised.

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