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Angela Merkel’s Christmas gift to Opel workers
By Amarendra Bhushan for CEOWORLD Magazine Updated:November 26, 2008
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After talks with Opel executives, Chancellor Angela Merkel has promised that the German government will conduct a constructive review of the possibility of extending a state liquidity guarantee to the company.
As a one-hundred-percent subsidiary of General Motors Corporation, Adam Opel GmbH is in an “entirely unique situation,” said Angela Merkel.
The German government will now consult with the company itself and with the state governments of the four states that are home to Opel production units to determine whether or not a state guarantee is in fact needed. Opel GmbH will be required to produce more information and figures. The outcome will also depend in no small way on developments within General Motors in the USA.
A decision is to be made before Christmas it was announced on Monday evening, following the meeting at the Federal Chancellery. Federal Finance Minister Peer Steinbrück and Federal Economics Minister Michael Glos also talked to Opel representatives along with the Chancellor.
Talks with the relevant state governments
It is absolutely imperative to ensure that the funds from any state guarantee for Opel GmbH remain in Germany and do not end up in the USA, declared the Chancellor.
Carl-Peter Forster, President of General Motors Europe, declared after the meeting that his company does not need short-term liquidity or subsidies for its German subsidiary. Opel is seeking a “safety net” to ensure the survival of the company “even in the worst case scenario”.
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