GM Europe talks break down in Berlin

Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} Overnight talks in Berlin about the future of General Motors Europe have broken down without reaching a decision about who should buy Opel and Vauxhall.   Officials blamed the delays on the revelation that Opel would need an extra Ôé¼300 million ($415 million; ┬ú260 million) in short-term funding.   The German government wanted more information from GM and the US Treasury before choosing a preferred bidder.   The US investor Ripplewood Holdings has withdrawn from the process, however, leaving just Fiat and Canada's Magna in the frame.   There had also been a last-minute expression of interest from Beijing Automotive Industry Corp (BAIC), but German officials said that their focus was on Fiat and Magna.   German officials are said to be furious, believing they have been taken for a ride by GM and the US treasury, with GM asking unexpectedly for another large bridging loan when everything else was in place for decisions to be made.   General Motors has until 1 June to either restructure its debt or declare bankruptcy. If an agreement cannot be reached, then GM Europe will become embroiled in its parent companyÔÇÖs bankruptcy proceedings, which could happen before the 1 June US government deadline,   The decision as to the successful bidder for the European division is GMÔÇÖs to make, but the German governmentÔÇÖs offer of substantial financial assistance for the eventual winner makes it highly influential in the process.   With half of GM Europe's 50,000 workers based in Germany, the government is particularly concerned about potential job losses, especially as this is an election year.   There has also been concern from other countries which host GM Europe facilities. The Belgian government, fearing for the future of Opel's plant in Antwerp, has called for more of a say in the choice of a preferred bidder.   British unions have also criticised the UK government's lack of involvement in the process. GM Europe owns Vauxhall in the UK, which employs 5,500 people in plants at Luton in Bedfordshire and Ellesmere Port in Cheshire.     *┬á┬á┬á┬á┬á┬á┬á┬á┬á *┬á┬á┬á┬á┬á┬á┬á┬á┬á *