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September 14, 2009

OPEL AFTERMATH: Government expects aid approval

The German government expects the European Commission to approve its state aid for Adam Opel, an economics ministry spokeswoman said on Monday.

The German government expects the European Commission to approve its state aid for Adam Opel, an economics ministry spokeswoman said on Monday.

Germany’s federal and state governments have promised a EUR4.5bn in loans and guarantees to successful buyer Magna International and Sberbank, which requires commission approval.

“Talks are ongoing. It isn’t a decision (for) the German government to keep German sites (but Magna’s),” ministry spokeswoman Beatrix Brodkorb told Dow Jones.

“Maintaining the sites hasn’t been a condition from Germany for the financing, this would violate European law and that’s why we expect that the commission will examine it, but the concept can be explained and the examination will then be concluded successfully.”

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