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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

German Ministry: Haven't Received Aid Request From GM's Opel

20/02/2009 12:41pm

Dow Jones News


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Germany hasn't received any request for financial aid from General Motors Corp.'s (GM) European unit Adam Opel GmbH, economics ministry spokesman Steffen Moritz said Friday.

He also declined to comment on media reports that Opel has a liquidity need of EUR3.3 billion.

"We haven't received any such formal request," Moritz told reporters.

He added that Germany is waiting for General Motors and its European Unit GM Europe to present its restructuring concept.

GM said Tuesday it is counting on $6 billion in financial support from foreign governments and could potentially need billions more from the U.S. government in the coming years to cover pension obligations, even if it gets the additional aid it requested Tuesday. It is looking to secure the aid by Mar. 31.

It also said it would cut 47,000 jobs globally. Of these, 26,000 job cuts would be in Europe.

When asked whether German Economics Minister Karl-Theodor zu Guttenberg had met with his Swedish colleague at an E.U. ministers' meeting in Brussels Thursday and address the issue of GM's Swedish unit Saab, Moritz said he isn't aware of this.

GM's Swedish Saab Automobile AB unit earlier Friday applied for credit protection so that it can be reorganized and said it will seek to become fully independent from its owner. It hopes to be an independent company in three months, seeking fresh funding from both private and public sources.

-By Andrea Thomas, Dow Jones Newswires; +49 (0)30 2888 4126; andrea.thomas@dowjones.com

(Ola Kinnander in Stockholm contributed to this report)

 
 

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