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Germany rejects Opel-Vauxhall aid

German economy minister Rainer Bruederle has rejected a request for government aid
Autocar
News
1 min read
9 June 2010

German economy minister Rainer Bruederle has rejected a request for government aid by General Motors for Opel-Vauxhall.

Opel had been seeking loan guarantees totaling 1.1 billion euros (£830m) from Germany, where it has four plants.

Bruederle said he felt GM can afford to cover the costs itself because it has about 10bn euros (£8.2bn) in free liquidity after fully paying back credits from the US and Canadian governments.

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The decision undermines loss-making Opel-Vauxhall's 3.6 billion euro (£3bn) restructuring plan.

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nicksheele 10 June 2010

Re: Germany rejects Opel-Vauxhall aid

jackjflash wrote:

Uncle Mellow wrote:
Ditto UK aid for Vauxhall. EU does not approve of this kind of thing.

Something change since May?

Vauxhall and Opel get £270m UK loans guarantee

http://news.bbc.co.uk/1/hi/business/10221909.stm

The measures under review are:

  • £80m loan to Sheffield Forgemasters to manufacture nuclear industry technology
  • £270m of loan guarantees to General Motors Europe to secure the future of Vauxhall plants in the UK
  • £360m loan guarantee to Ford for research and development of green car engines
  • £20.7m grant to Nissan for production of a new electric car model.

Luton (GM Europe's van plant)'s f*cked anyway, as the French, Renault, have pulled the plug on it for the next Vivaro/Trafic model.

jackjflash 9 June 2010

Re: Germany rejects Opel-Vauxhall aid

Uncle Mellow wrote:
Ditto UK aid for Vauxhall. EU does not approve of this kind of thing.

Something change since May?

Vauxhall and Opel get £270m UK loans guarantee

Uncle Mellow 9 June 2010

Re: Germany rejects Opel-Vauxhall aid

Lee23404 wrote:
Lol. Is it just me that's finding Obama more and more irritating by the day?

Think it's just you. You're probably too young to remember the days when Reagan was running the US. Frightening.....

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