GM officials meet German Chancellor Merkel to discuss Opel's future

[Oracle of Delphi]

John Revill

Automotive News Europe

February 13, 2009 10:57 CET

ENLARGEGM wants 1.8bn euros to help Opel.

MUNICH -- General Motors Europe President Carl-Peter Forster and other senior company executives met with German Chancellor Angela Merkel today to discuss the future of GM's Opel brand.

No decisions over Opel are expected immediately, a government spokesman said.

"The meeting covers solely developing information. Decisions will not be made," spokesman Ulrich Wilhelm said in a statement.

Opel is seeking 1.8 billion euros ($1.93 billion) in loan guarantees from the German federal and regional governments in case its U.S. parent GM falls into bankruptcy.

Forster, who is chairman of Opel's supervisory board, was accompanied at the meeting in Berlin by Opel Managing Director Hans Demant and Klaus Franz, chairman of Opel's works council.

Following a morning meeting with Merkel, the Opel delegation planned to meet German business minister Karl-Theodor zu Guttenburg in the afternoon.

Sweden´s Prime Minister Fredrik Reinfeldt today said tthat his government will not give any loans to GM subsidiary Saab.

“Swedish taxpayers cannot take over responsibility for the future of Saab,” Reinfeldt told the TT news agency in Stockholm.

According to media reports, GM has asked for $600 million (466 million euros) in credit guarantees for Saab, which is based in Sweden.

Link: http://www.autonews.com/article/20090213/A.../902139993/1128

[ZL-1]

Feb 17th can't arrive soon enough, as GM's restructuring plan is supposed to be presented that day.

On a side note, Reinfeldt rocks! It seems hockey-stick projections bull$h! will not fly with the Swedish government, and they want to get as close as possible to the true cost of bailing out both Volvo and SAAB.

Edited February 14, 2009 by ZL-1

[Oracle of Delphi]

Feb 17th can't arrive soon enough, as GM's restructuring plan is supposed to be presented that day.

On a side note, Reinfeldt rocks! It seems hockey-stick projections bull$h! will not fly with the Swedish government, and they want to get as close as possible to the true cost of bailing out both Volvo and SAAB.

Yeah the Swedes don't play ...

3 days and counting ...

For you Pedro, how's your German?

In Schweden lehnte die Regierung staatliche Hilfen für die GM-Tochter Saab ab. Ministerpräsident Fredrik Reinfeldt sagte der Nachrichtenagentur TT: "General Motors muss die Verantwortung selbst tragen." Der schwedische Steuerzahler könne "keine direkte Verantwortung dafür übernehmen, was weiter mit dem Markennamen Saab geschieht". GM soll Kreditgarantien über 600 Millionen Dollar (466 Mio Euro) bei Reinfeldts Regierung erbeten haben, die über die Europäische Investitionsbank (EIB) ausgezahlt werden könnten. Auch die schwedische Ford-Tochter Volvo steckt schwer in der Krise.

Edited February 14, 2009 by Pontiac Custom-S

[ZL-1]

For you Pedro, how's your German?

In Schweden lehnte die Regierung staatliche Hilfen für die GM-Tochter Saab ab. Ministerpräsident Fredrik Reinfeldt sagte der Nachrichtenagentur TT: "General Motors muss die Verantwortung selbst tragen." Der schwedische Steuerzahler könne "keine direkte Verantwortung dafür übernehmen, was weiter mit dem Markennamen Saab geschieht". GM soll Kreditgarantien über 600 Millionen Dollar (466 Mio Euro) bei Reinfeldts Regierung erbeten haben, die über die Europäische Investitionsbank (EIB) ausgezahlt werden könnten. Auch die schwedische Ford-Tochter Volvo steckt schwer in der Krise.

Very, very rusty...

But it probably is the piece of news I read in Swedish (IIRC at Dagens Industri) about Reinfledt telling GM they should take care of its own mess, so no direct help to SAAB.

Those loan guarantees might fly, though. I think that the Swedish Government asked for a more detailed business plan with a downside scenario lasting a few years instead of just one or two in order to assess the probability of having to pat those 600 million instead of SAAB.

[Z-06]

Yeah the Swedes don't play ...

3 days and counting ...

For you Pedro, how's your German?

In Schweden lehnte die Regierung staatliche Hilfen für die GM-Tochter Saab ab. Ministerpräsident Fredrik Reinfeldt sagte der Nachrichtenagentur TT: "General Motors muss die Verantwortung selbst tragen." Der schwedische Steuerzahler könne "keine direkte Verantwortung dafür übernehmen, was weiter mit dem Markennamen Saab geschieht". GM soll Kreditgarantien über 600 Millionen Dollar (466 Mio Euro) bei Reinfeldts Regierung erbeten haben, die über die Europäische Investitionsbank (EIB) ausgezahlt werden könnten. Auch die schwedische Ford-Tochter Volvo steckt schwer in der Krise.

Interesting.