GM close to putting 3bn rescue plan to Europe
GENERAL Motors will present a €3.3bn (£3bn) rescue plan to European governments for its struggling Opel and Vauxhall brands within days, those involved in talks said yesterday.
GM this month backtracked on plans to sell the cars to a consortium led by car parts firm Magna — a deal that involved government aid — but is now turning again to European states for help to keep them in business.
Opel interim chief executive Nick Reilly travelled to Brussels yesterday to meet officials including German Deputy Economy Minister Jochen Homann and Kris Peyters, the premier of Flanders, a Belgian region where Opel has a plant.
The meeting was also attended by European Union Competition Commissioner Neelie Kroes, whose blessing is needed before any state can give financial aid, as well as the bloc’s industry commissioner. Kroes recently forced a restructuring of the UK’s bailed-out banking industry.