The German government now won’t decide before Christmas on loan guarantees to Opel, as it had initially suggested it would.

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A source told Reuters there was no time pressure.


Opel had asked for loan guarantees of up to EUR1bn for 2009. Chancellor Angela Merkel had indicated that the government would be ready to help Opel and its operations in Germany.


Opel reportedly said it did not need a decision until the end of the year.


European Competition Commissioner Neelie Kroes said yesterday any loan guarantees would have to be approved by the EU Commission.

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The automaker’s works council leader has said that state guarantees would be needed regardless of whether parent company GM received guarantees from the US government. That would only support North American operations, said Franz.


Opel’s dealerships are also considering alternative ways to help the carmaker, according to Reuters. Three large dealers from Neuss, Moenchengladbach and Hamburg discussed their possible contribution to a rescue plan with Merkel’s office on Tuesday.


“We want to fight for Opel if we need to,” a Hamburg dealer spokesman, who took part in the meeting, told the news agency. The dealers proposed that they set up a rescue company in case GM files for bankruptcy protection. Sources have told Reuters a second meeting was scheduled.


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