More twists in GM Europe tale


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;} As talks resumed in Berlin Friday to determine a preferred bidder for GM Europe, one of the two remaining bidders, Fiat, said it would not be attending todayÔÇÖs meeting.   GM Europe, which owns the German brand Opel and the UKÔÇÖs Vauxhall, is up for sale as part of a restructuring program required by the United States government as a condition for GM to avoid bankruptcy.   GM faces a deadline of next Monday, 1 June, to reach agreement, or GM Europe will become embroiled in any bankruptcy proceedings.   Talks were at an advanced stage only yesterday, after continuing throughout Thursday night, but were abandoned when it became clear that GM needed more short-term funding than originally declared, to keep Opel afloat.   Fiat would still like to buy GM Europe, but it said the request for extra funding was "unreasonable". Fiat boss Sergio Marchionne said such a move would expose his company to "unnecessary and unwarranted risks," because it has not yet been given full access to Opel's books.   German Foreign Minister Frank-Walter Steinmeier said he had received assurances from US Secretary of State Hillary Clinton that the US government would increase its support to help secure the sale of Opel.   German officials said earlier in the week that their focus was on two bidders: Fiat and Canadian-Austrian car parts manufacturer Magna, but German newspapers are now reporting that Magna may be ready to pull out.   The US investor Ripplewood Holdings pulled out of the race on Wednesday night.   The high profile involvement of the German government in the Opel talks has led to British unions expressing concern that any job cuts by the new owner could be focused upon its Vauxhall operations in the UK, where 5,500 people are employed.   UK Business Secretary Lord Mandelson said he had received "categorical assurances" about continued Vauxhall production, but the level of future production is the subject of some doubt.   *┬á┬á┬á┬á┬á┬á┬á┬á┬á *┬á┬á┬á┬á┬á┬á┬á┬á┬á *