German ministers have emerged from talks on the future of Opel without any firm decision on who will take over the struggling car maker. They met well into the night to consider offers from four bidders. The ministers said none was good enough, and although Fiat and Magna are being allowed to examine Opel’s accounts, they have all been told to go away and improve their bids. The ministers are now hoping to make a decision on Friday.
Before the meeting, Germany’s Foreign Minister Frank Walter Steinmeier said: “If General Motors goes into insolvency in the coming days, the lights cannot go out at Opel. We have to create conditions for an independent future at Opel.”
The German government is willing to provide considerable bridging finance for Opel if, or more likely when, the parent company General Motors goes bankrupt in the US. Unions in the UK say the British government should be acting along similar lines to protect jobs at GM’s Vauxhall plants. They are worried that the fate of thousands of British car-workers could be decided in Berlin.