GM Generali

Generali (AQEU:GM)
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From Jul 2019 to Jul 2024

Germany's government is proposing to create a five-person trust to run General Motors Corp.'s(GM) European unit Adam Opel GmbH for up to six months using a EUR1.5 billion-EUR1.8 billion government bridge loan, European Union ministers said Friday.

The trust would be made up of two people from GM America, two from the German government and one independent representative, ministers said after a meeting in Brussels to discuss the fate of the troubled European subsidiary.

The trust would run Opel until its buyer takes over, they said.

Belgian Economy Minister Vincent Van Quickenborne said the money from the bridge loan would be "fed towards all existing plants, and not only German plants," addressing some countries' worries that Germany's plan for a bailout of Opel would privilege its national workers.

Canadian auto parts giant Magna International Inc. (MGA) now appears to be favored over Fiat (F.MI) to buy Opel, even though the Italian carmaker isn't out of the game yet, Scajola said.

-By Alessandro Torello and Matthew Dalton, Dow Jones Newswires; +32 2 741 1488; alessandro.torello@dowjones.com