Bloomberg.com: Germany Seeks to Wean Opel From GM After 80 Years - by Andreas Cremer and Tony Czuczka

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Germany Seeks to Wean Opel From GM After 80 Years - by Andreas Cremer and Tony Czuczka

The German government aims to wean General Motors Corp.’s Opel unit from its U.S. parent after an 80-year association, insulating the European carmaker from a GM bankruptcy while buying time for negotiations with investors. Talks on securing Opel’s future hosted by Chancellor Angela Merkel in Berlin later today won’t “decide everything” and may not result in a preferred bidder, government spokesman Thomas Steg said in Berlin. Efforts will focus on forging an agreement with U.S. and GM officials to place Opel in a trust that would receive 1.5 billion euros ($2.1 billion) in loans, Steg said. “Naturally it’s attractive for the investors if Opel is kept alive,” Peter Bosch, an auto analyst at Oliver Wyman Consulting in Munich, said by phone today. “And it’s attractive for the government because it allows time for negotiations that can be conducted in peace to get the best result for Opel.”