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| Version 0 | Version 1 |
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| Germany offers Opel suitor loan | Germany offers Opel suitor loan |
| (about 4 hours later) | |
| Germany has said it would be prepared to give a 4.5bn euros ($6.4bn: £3.9bn) loan to carmaker Opel if its favoured suitor is chosen to take over the firm. | Germany has said it would be prepared to give a 4.5bn euros ($6.4bn: £3.9bn) loan to carmaker Opel if its favoured suitor is chosen to take over the firm. |
| Berlin is offering the money if Opel's US owner, General Motors (GM), sells the German-based business to Canadian car assembly and parts group Magna. | Berlin is offering the money if Opel's US owner, General Motors (GM), sells the German-based business to Canadian car assembly and parts group Magna. |
| Magna is one of the two remaining bidders for Opel, the other being Belgian financial group RHJ. | Magna is one of the two remaining bidders for Opel, the other being Belgian financial group RHJ. |
| GM has yet to make a decision, but its board is meeting again on Friday. | GM has yet to make a decision, but its board is meeting again on Friday. |
| Splitting payment | Splitting payment |
| Germany's Deputy Economic Minister Jochen Homann said the country's federal government, and individual German states with Opel sites, would split the payment of the initial loan. | Germany's Deputy Economic Minister Jochen Homann said the country's federal government, and individual German states with Opel sites, would split the payment of the initial loan. |
| It's possible that the GM board will review both offers on Friday and will give a recommendation Germany's Deputy Economic Minister Jochen Homann | |
| He added that they would be prepared to do this without waiting for other European countries with GM factories - such as the UK and Belgium - to contribute their own loans. | He added that they would be prepared to do this without waiting for other European countries with GM factories - such as the UK and Belgium - to contribute their own loans. |
| "We could envisage making a loan available, then later agreeing precisely how the costs are to be shared out with the other European countries," added Mr Homann, who leads German's Opel taskforce. | "We could envisage making a loan available, then later agreeing precisely how the costs are to be shared out with the other European countries," added Mr Homann, who leads German's Opel taskforce. |
| When asked whether Berlin would offer a similar loan to GM of RHJ is chosen, Mr Homann said: "The question doesn't arise, because the German government has a preference for Magna's improved offer." | When asked whether Berlin would offer a similar loan to GM of RHJ is chosen, Mr Homann said: "The question doesn't arise, because the German government has a preference for Magna's improved offer." |
| "It's possible that the GM board will review both offers on Friday and will give a recommendation," added Mr Homann. | |
| Magna's offer for Opel is backed by Russia's Sberbank. | Magna's offer for Opel is backed by Russia's Sberbank. |
| Germany said Magna would have to pledge to invest 450m euros of its own funds in Opel to get the 4.5bn euro loan. | |
| Meanwhile, Germany's Frankfurter Allgemeine Zeitung has speculated that the loan will be expensive, carrying an interest rate of 10.5%. | |
| 'No UK closures' | 'No UK closures' |
| Opel employs a total of 54,000 workers across Europe, with 25,000 based in Germany. | Opel employs a total of 54,000 workers across Europe, with 25,000 based in Germany. |
| Its Vauxhall UK business employs about 5,000 people across its two sites in Luton and Ellesmere Port. | Its Vauxhall UK business employs about 5,000 people across its two sites in Luton and Ellesmere Port. |
| Manga has said that "no immediate plant closures are contemplated" in the UK should its bid be successful. | Manga has said that "no immediate plant closures are contemplated" in the UK should its bid be successful. |
| RHJ is also expected to support saving both Vauxhall factories, but may ask workers to take pay cuts. | RHJ is also expected to support saving both Vauxhall factories, but may ask workers to take pay cuts. |
| GM was forced to put Opel up for sale as part of its massive restructuring that saw it go into Chapter 11 bankruptcy in the US - before emerging as a leaner company with less debt. | GM was forced to put Opel up for sale as part of its massive restructuring that saw it go into Chapter 11 bankruptcy in the US - before emerging as a leaner company with less debt. |
| Opel has been placed under the ownership of a trustee in which both GM and the German government have a stake - making the process of deciding a buyer complex. | Opel has been placed under the ownership of a trustee in which both GM and the German government have a stake - making the process of deciding a buyer complex. |
| The German government has already given Opel 1.5bn euros of short-term loans to help it maintain its finances until the sale to either Magna or RHJ is concluded. |