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Thu June 11, 2009
German, UK officials discuss GM Europe future
BERLIN – German and British economy ministers have met to discuss ways to save General Motors' European assets in case a deal with Canadian parts maker Magna International falls through.
German Economy Minister Karl-Theodor zu Guttenberg told reporters today the government only has a memorandum of understanding from Magna to acquire GM unit Adam Opel -- which includes Britain's Vauxhall. It's still talking with other bidders.
He says Germany is in contact with a Chinese investor that came forward in the last two weeks, despite ongoing negotiations between the government, Magna and GM.
Guttenberg didn't name the Chinese investor. Last month, Beijing Automotive Industry had submitted a bid for Opel, but then retracted it.