GM Generali

Generali (AQEU:GM)
Historical Stock Chart

From Jul 2019 to Jul 2024

Concerns that Germany's plans to bail out General Motors Corp.'s (GM) Adam Opel unit could safeguard German jobs at the expense of Opel workers elsewhere in Europe were center stage as European Union ministers arrived for talks on the matter Friday.

"We want to hear from the Germans what they are doing," said Maud Olofsson, Sweden's minister for enterprise and energy, before entering the meeting. "It's important that we inform each other and that we stick to the (European) rules" on state aid, she added.

The German government is expected to make a decision Friday on a sale of GM's German-based unit Opel, which has plants in other E.U. countries. Any future plan for Opel is likely to lead to plant shutdowns and layoffs.

Belgium, which hosts a major Opel facility, and the U.K., home to GM's Vauxhall unit, have been concerned about being excluded from a GM-Opel deal, which could privilege German plants and workers over others.

The commission was called to action by the Belgian government, which Wednesday asked the institution to ensure any resolution to the future of Opel is fair to all E.U. countries where GM has operations.

-By Alessandro Torello, Dow Jones Newswires; +32 2 741 14 88; alessandro.torello@dowjones.com