GM free to pick buyer | Shanghai Daily

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September 7, 2009

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GM free to pick buyer

GENERAL Motors Corp isn't under any major political influence to pick a buyer for its European car business, Adam Opel GmbH, German Finance Minister Peer Steinbrueck said on Saturday.

Steinbrueck said he told United States Treasury Secretary Timothy Geithner once again that the German government favors a bid by Canadian car parts maker Magna International Inc and Russia's state-owned Sberbank over Belgian investor RHJ International.

He said he'd told Geithner that Germany favored the Magna bid because the firms had an "industrial concept" for the future of the car maker, which employs thousands of Germans.

The US won't get involved in GM's decision, which could come tomorrow, he said.

"My impression is that the American government very clearly sees the decision as the responsibility of the General Motors board," he said on the margins of economy talks between the Group of 20 economies in London.





 

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