💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

German EconMin plays down review of Opel deal

Published 10/29/2009, 09:49 AM
Updated 10/29/2009, 09:51 AM

BERLIN, Oct 29 (Reuters) - Germany's economy minister distanced himself on Thursday from comments by a party colleague who had said the new government in Berlin would review the previously agreed sale of General Motors unit Opel to Canada's Magna.

Dirk Pfeil, a Free Democrat (FDP) and member of the trust overseeing Opel, told a German newspaper this week Berlin's new centre-right coalition planned to review the Opel sale plan and that the carmaker could end up staying part of U.S. parent GM.

However, new FDP Economy Minister Rainer Bruederle told Reuters on Thursday that Pfeil was "not a spokesman for the government" and played down the possibility that Chancellor Angela Merkel's coalition could take another look at the deal.

"We have a situation where much has already been locked in," Bruederle said.

The FDP has been sceptical of the planned sale to Magna and Russian partner Sberbank, which was pushed through by Merkel's previous coalition with the Social Democrats (SPD).

The GM board is due to meet on Tuesday to decide whether to press on with the sale of a 55 percent stake in Opel after European Union competition authorities in Brussels expressed concerns about the fairness of the bidding process.

(Reporting by Gernot Heller; Writing by Noah Barkin; editing by Simon Jessop)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.