Thursday, December 24, 2009

Report: Abu Dhabi Royal Family Interested in GM's Opel unit

German newspaper Westdeutsche Allgemeine Zeitung as well as Reuters are reporting that Rainer Einenkel, head of the works council at General Motors' Opel plant in Bochum, Germany, confirmed talks between a high-ranking member of the Abu Dhabi royal family and officials of the German state of North Rhine-Westfalia about a possible investment of the latter in Opel. GM's Opel unit, which also controls the British brand Vauxhall, is looking for ways to secure €3.3 billion in state aid to avoid closing plants and laying off hundreds of workers.

Speaking with Westdeutsche Allgemeine Zeitung on the possibility of Abu Dhabi becoming a chief investor in Opel, Einekel said, "I would have nothing against it." Einekel also revealed to the newspaper that the BMW Group had talks with officials in concern of Opel's plant in the German city of Eisenach, however he noted that those talks 'had been put on ice'.

The news on Abu Dhabi's interest in Opel comes only a few days after Mercedes-Benz' parent company Daimler announced the sale of 9.1 percent of its stake to Aabar Investments PJSC (Aabar) of Abu Dhabi.

Via: Reuters

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