🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Top German politicians bicker over Arcandor aid

Published 05/31/2009, 10:03 AM
Updated 05/31/2009, 10:16 AM

FRANKFURT, May 31 (Reuters) - German politicians duelled in weekend newspaper interviews over the merits of supporting troubled retailer Arcandor, which has warned it could go bust within weeks without more than $1 billion in state aid.

The head of the Social Democrats (SPD), ruling partners with Chancellor Angela Merkel's conservatives, supported offering a state crutch, but a leading conservative opposed it, heightening the rift in Berlin over who deserves a bailout and why.

While requests for state support need to be judged case by case, companies such as carmaker Opel and Arcandor are too important to go bust, SPD Chairman Franz Muentefering argued.

"Hopefully this is not controversial for core industries like Opel and we have to help retailer Arcandor as well. We will try," he was quoted by the Bild newspaper as saying.

"The guarantees at stake here strike me as necessary and oriented toward the future. We cannot forget that several thousand jobs -- primarily for women -- in the important services sector are riding on this."

While he acknowledged that management errors had contributed to Arcandor's parlous state, he said staff should not be punished for this.

Vice-Chancellor Frank-Walter Steinmeier, the SPD candidate running against Merkel in September elections, told Bild am Sonntag that the failure of Arcandor's Karstadt stores could devastate inner cities across Germany and cost 50,000 jobs.

"I will commit myself to finding a forward-looking solution for the entire department store sector in Germany. Karstadt and Metro should speak to each other as equals about this," he said.

He was referring to Arcandor's talks with Metro over merging their department store chains, a plan Metro says could head off state aid for its rival but which Arcandor insists can only complement state support.

Roland Koch, premier of Hesse state and a member of Merkel's Christian Democrats, told the Rheinische Post paper Arcandor should not be bailed out because it had a profitable tourism business centred on its majority stake in Thomas Cook.

"Taxpayers cannot bear the cost of protecting the owners' assets," he was quoted as saying.

Long struggling to break even, Arcandor has been dragged deeper into crisis by the global recession, prompting its chief executive to warn that the company could go bust by June 12.

The Economy Ministry said on Friday the government was still examining Arcandor's request for help.

The Frankfurt Allgemeine Sonntagszeitung (FAS) reported that Metro CEO Eckhard Cordes would meet SPD officials this week to lobby against state intervention.

The paper said he would argue that Metro's Kaufhof stores would take over several Karstadt stores should Arcandor become insolvent and that no more than 5,000 jobs would go.

In a separate interview, Deutsche Euroshop CEO Claus-Matthias Boege said his real estate company that specialises in shopping malls would not buy any Karstadt stores.

"Most of these buildings are not suited to be shopping centres because they are four or five stories high. Customers have little desire to go to the upper floors," he told the FAS.

He said he opposed state aid to Karstadt stores because this violated free-market principles and because Karstadt's woes began years ago, not as a result of the financial crisis. (Reporting by Michael Shields)

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.