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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

GM Has Pawned Off German Opel Patents To US Treasury - Source

06/03/2009 8:12am

Dow Jones News


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General Motors Corp. (GM) doesn't own the patents of its German Opel unit anymore because it has pawned them off to the U.S. treasury, a German government official who declined to be identified told Dow Jones Newswires Friday.

Opel's building and plants also belong to GM and no longer Opel, the official said.

The government is currently examining whether and how it will help Opel.

Government officials are scheduled to meet GM and Opel officials Friday. Representatives at the meeting will be GM's Chief Operating Officer Frederick "Fritz" Henderson, GM Europe's Chief Executive Carl Forster, Opel Chief Executive Hans Demant, German Economic Minister Karl-Theodor zu Guttenberg, head of the chancellery Thomas de Maiziere and Deputy Finance Minister Joerg Asmussen.

Thousands of jobs are at risks, with reports saying the restructuring plan foresees 7,600 job cuts instead of the 3,500 that GM Europe has previously mentioned.

Finance Minister Peer Steinbrueck said Thursday that GM Europe hasn't yet provided an adequate restructuring plan for Opel that would justify a government decision to help.

GM Europe's Forster Monday presented the company's restructuring plan for Opel to the government and said GM Europe needs EUR3.3 billion in aid across Europe.

Zu Guttenberg has said examination of the plan will take weeks and he will contact GM and the U.S. government during his visit to the U.S. in mid-March.

Web Sites: www.bundesregierung.de; www.gm.co

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

 
 

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