The German government is reportedly ready to bailout General Motor Euprope’s Opel with a whopping five billion euros to shore up the company and as a last resort take a temporary stake of no more than 20 percent.
The rescue plan was required by German authorities before any public aid could be granted to Opel, which has been hit by a global auto slump and massive financial problems at its troubled US parent General Motors.
GM employs around 55,000 workers in Europe, including almost 26,000 at Opel.
Opel would repay any state aid by 2014-2015, he said.
(Source) Asia One Motoring
Tags: bailout, Europe, five billion, General Motors, german government, Germany, global auto, GM, Opel