ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for default Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.

GM Generali

23.39
-0.09 (-0.38%)
16 Jul 2024 - Closed
Realtime Data
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

2nd UPDATE: German Econ Min: Looking For European Opel Solution

11/03/2009 7:14pm

Dow Jones News


Generali (AQEU:GM)
Historical Stock Chart


From Jul 2019 to Jul 2024

Click Here for more Generali Charts.

Germany is still working on finding a European solution for General Motors' (GM) German unit Adam Opel AG, and several measures are under consideration, German Economics Minister Karl-Theodor zu Guttenberg said Wednesday.

Speaking after bilateral talks with Swedish Trade Minister Ewa Bjorling, zu Guttenberg said he had asked his colleague about Sweden's experience with GM's Saab unit, which recently sought protection from creditors. He said he was interested in the Swedish experience, where a government had implemented a decision on Saab, that hadn't been totally popular with it's citizen.

"I'm far from drawing an analogy," zu Guttenberg said. "I believe that we're working on very different measures in our country and that we're continuing to search for a European solution in any form," zu Guttenberg said.

"The Swedish examples shows that they also had a number of questions, which had not been answered from the parent company and that at the same time they have tried to do everything possible to safe jobs, regardless which kind," he said. "It also applies to us that we continue to search for solutions." He added that "we cannot takeover tasks that a company has to complete."

Bjorling, who is not overseeing car issues in her ministry, said that the Swedish experience regarding the automotive industry has been that "the good recipe has been to be clear, distinct and ready from the beginning." She said it was important to think of the future, how to change the industry and how to increase environmental technology. As a result, the Swedish government decides, for example, to support research and development and also car industry suppliers.

"I think it is important in this cases to balance...not being to projectionist and still take good care of industries and your societies," she said.

Both ministers agreed that protectionism would be the wrong response to the current crisis.

Bjorling said that her main priority during Swedish E.U. Presidency in the second half of this year is to finalize the Doha round of global trade talks.

Asked about the financial trouble in some European Union member states and whether the E.U. requires additional instruments, zu Guttenberg said that solidarity won't be given up easily but countries must also serve their duty and do their homework to solve their problems.

"I believe that we must think creatively on a European level about instruments that we have at our disposal," he said, adding that they might have to be supplemented, if needed.

Saab has sought protection from creditors, a process similar to Chapter 11 bankruptcy protection in the U.S., as the car maker looks to reorganize and find a way to become independent of GM.

Saab's Managing Director Jan Ake Jonsson has said Saab needs EUR500 million in aid from the Swedish government to survive.

GM Europe Chief Executive Carl-Peter Forster last week presented the company's restructuring plan for Opel to the government and said GM needs EUR3.3 billion in aid across its European operations.

GM has pledged to squeeze $1.2 billion in savings out of its European operations. Opel has some 26,000 workers in Germany.

The European Commission has invited GM bosses and E.U. ministers hosting GM plants and those of subcontractors for a meeting this Friday amid talks to coordinate their response to GM's troubles.

Web sites: www.bundesregierung.de; www.gm.com

-By Andrea Thomas, Dow Jones Newswires; +49 (0)30 - 2888 410; andrea.thomas@dowjones.com

 
 

1 Year Generali Chart

1 Year Generali Chart

1 Month Generali Chart

1 Month Generali Chart