GM brings us an update involving the Opel sale

Posted on Sunday, 25 October 2009 , 08:10:44 byEmil

Filed under saleopelindustrygmGMOpelAmericanGerman

GM brings us an update involving the Opel sale

The European Union at the moment is reviewing the situation of Opel and the process Sberbank and Magna got involved, said General Motors Group Vice President, Corporate Planning, Alliances - John Smith.

Smith affirms 'Such a review is usual and customary when extensive government financial support is involved. Last week, the Directorate-General for Competition expressed concerns about possible limitations on the availability of government financing for all Opel bidders, and how that may have influenced the selection process'.

There have been modification made also to the Sberbank/Magna proposal since General Motors Board convened last on 9th of September, and those modifications will be now reviewed, alongside the letter of Minister zu Guttenberg’s, at the Board’s scheduled regularly monthly – on 3rd of November there will be the meeting.

It was reported last that the EU competition head will be allowing General Motors Group to reconsider the Opel sale.