If negotiations between General Motors of candidates to buy Opel fails, the famous car company can fall into bankruptcy proceedings, warned in an interview for the Sunday edition of the Frankfurter Allegemeine Zeitung Minister of Economy of Germany Karl-Theodor tsu Gutenberg referred by an agency DPA. Minister ads against attempts by GM to include contracts for the control package and an option to repurchase. “This is inconsistent with our policy now,” argues is Tsu Gutenberg.
Pretenders to buy parent Opel are:
- A consortium between Canadian auto parts manufacturer Magna and Russian Sberbank and the group gas (a major shareholder Oleg Deripaska). The consortium provides for 55 percent of 500 million shares and want government to guarantee 4.5 billion euros;
- Belgian investment fund RHJ International. The Fund is ready to pay 275 million for 50.1 percent of the shares and wants a state guarantee amounting to 3.8 billion euros;
- Chinese automotive Corporation Beijing Automotive (BAIC). Asians are willing to pay 660 million for 51 percent of the shares and want a state guarantee for 2.64 billion euros.
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The Global economy will witness new bankruptcies, though not in such scales as the bankruptcy of the automotive manufacturer General Motors, Reuters agency says to one of the owners of the auditing company Grant Thornton International. Automobile giant, which last week completed the procedure for bankruptcy and now more than 60 percent of its capital belongs to the Ministry of Finance of the United States, promised that he would back the confidence of American consumers will pay the debt to taxpayers. “Sets are chain reaction. We were witnesses of the single, albeit large bankruptcies, but soon will observe cascade of bankruptcies, “said Mike Starr, director at Grant Thornton, one of the leading audit companies. According to him, as a result of the bankruptcy of GM and its suppliers will announce crash. Starr pointed out that such a fate may have the construction sector companies and firms in the services sector with fuel.
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It is expected to sell the most profitable assets to the newly formed General Motors Company, where the governments of the United States and Canada have more than 72 percent participation to end today, said an official representative of the Ministry of Finance in the United States wanted to remain anonymous, cited by Bloomberg. Down GM in Detroit this morning to discuss plans for future operation of the company. There will be new views of the manufacturer of the product and changes in management. It is expected that the company veteranat Bob Luts, who was expected to retire this year, to be held in the managing authority. The transfer of assets to the new company gives the green light to GM to end production of brandove which are emblematic for the company to lay off nearly 6 Hill jobs and close 16 plants. Earlier the company’s CEO Fritz Henderson said it would reduce the management of more than one-third to accelerate decision-making.
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