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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Generali | AQEU:GM | Aquis Europe | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.09 | -0.38% | 23.39 | 23.40 | 23.41 | 23.435 | 23.07 | 23.31 | 202,898 | 16:50:17 |
BERLIN (AFP)--Adam Opel AG, the German subsidiary of U.S. car maker General Motors Corp. (GM), will require European Union aid to survive, the head of its works council said Monday amid reports the firm could go under with the loss of 25,000 jobs.
There will not be a "isolated German solution for Opel," Klaus Franz told Deutschlandfunk radio. "If we find a solution, it will only be a European solution," he added.
Opel needs more than EUR3.3 billion to stay afloat, according to media reports, as auto sales have slumped around the world, especially in Europe.
The company will go bankrupt by May or June if no state aid is forthcoming, mass circulation Bild reported Saturday.
Before considering plowing public money into the company, Berlin has insisted the company draw up a restructuring plan, which will be presented on Friday, Franz said.
General Motors has opened the door to spinning-off Opel as part of a broader restructuring plan which includes laying off 47,000 workers worldwide, slashing production and closing plants.
"We are on this path," Franz said.
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