No new dawn for Opel after overnight talks

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No new dawn for Opel after overnight talks

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The German government emerged from a marathon overnight meeting with General Motors disappointed that no deal had been reached to save car-maker Opel. Berlin accused GM and the US treasury of having an unhelpful negotiating stance.

Finance Minister Peer Steinbruck said not only had he been frustrated by the lack of progress, but also surprised when the Americans asked for more cash. “About 300 million euros in the very short term,” he said, “That played a big part in making this night longer.”

Steinbruck said he was hopeful a deal could be reached at new talks on Friday. There was one piece of concrete news to give to Opel workers as they made their way to work: the four bidders for their company had been whittled down to two, Fiat and Magna.

However that failed to encourage many employees who fear jobs will be cut whoever clinches the deal. Unless GM can pull something special out of the bag, it could be filing for bankruptcy next week. For its European workers, including those at Britain’s Vauxhall and Sweden’s Saab, there’s still little on the horizon.