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Germany wants GM answer on Opel
Germany’s Economy Minister Karl-Theodor zu Guttenberg is boldly telling the German public that he expects a “fundamental decision” from the board of General Motors on the future of Opel next week.
He goes further, saying in a television interview that with offers from Canadian car parts manufacturer Magna and Belgian-based investor RHJ International on the table, it is tme for GM to “give in”.
Given that GM has ignored or resisted all German pressure to dictate terms on the sale of its European arm so far, there’s no reason to think that it will change its stance.
But there are growing suggestions that the U.S. automaker has indeed made up its mind on which option it wants to recommend and that a meeting of the German government-backed trust set up to work through the sale of Opel will take place on September 10.
Hapag-Lloyd unity needed to nail loans
Germany showed with retailer Arcandor that the government won’t write blank cheques. This lesson is not being lost on the owners of Hapag-Lloyd who are seeking 1.2 billion euros in state loan guarantees for the German container shipping firm.
There is no time to waste. Some estimate that the shipper will run out of cash in October and needs almost 2.0 billion euros ($2.9 billion) in financial support. Rainer Feuerhake, chief executive of TUI, the travel company that is among Hapag-Lloyd’s shareholders, is banking on Berlin granting the guarantees this month.
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The Wall
