German Government to Obama: Sell Opel to Magna
You don’t have to be a poli sci major to figure-out that the German government wants the Obama administration to strong-arm GM into sell its ailing Opel division to a consortium of Canadians and Russians (Magna, Sberbank and GAZ). The fact that the Germans are talking to the Americans about the deal is proof enough that high-level pressure is the order of the day. In other words, German Finance Minister Peer Steinbrueck doth protest too little. “Speaking at a press conference following the meeting of finance ministers and central bank heads from the Group of 20 largest economies, [Steinbrueck] said his impression is that the U.S. government will leave the decision about Opel with the General Motor’s board of directors,” CNNMoney reports. “And won’t exercise ‘massive influence.'” Just enough influence, then?
“I have told him what the (German federal) government’s position is, that we are very much interested that the current vacuum will finally be filled,” he said. “The government still favors the industrial policy concept of Magna and therefore this partner.”
He added that Germany’s willingness to provide aid “is clearly linked to this partner.”
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