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Opel talks break down in Berlin Opel talks break down in Berlin
(11 minutes later)
All-night talks in Berlin about the future of Opel and Vauxhall have broken down without reaching a decision about who should buy GM's European unit.All-night talks in Berlin about the future of Opel and Vauxhall have broken down without reaching a decision about who should buy GM's European unit.
Officials blamed the delays on the revelation that Opel would need an extra 300m euros ($415m; £260m) in short-term funding.Officials blamed the delays on the revelation that Opel would need an extra 300m euros ($415m; £260m) in short-term funding.
The German government wanted more information from GM and the US Treasury before choosing a preferred bidder.The German government wanted more information from GM and the US Treasury before choosing a preferred bidder.
But one of the bidders has pulled out, leaving Fiat and Canada's Magna.But one of the bidders has pulled out, leaving Fiat and Canada's Magna.
The US investor Ripplewood Holdings has withdrawn from the process.The US investor Ripplewood Holdings has withdrawn from the process.
Bankruptcy threatBankruptcy threat
The German government expects to receive the extra information it needs by Friday.The German government expects to receive the extra information it needs by Friday.
THE GM EUROPE BIDDERS Fiat, Italian carmaker - 10,000 job cuts in Europe; could close one of four Opel factories in Germany Magna, Canadian-Austrian car parts group - 2,500 job cuts in Germany; plans to inject between 500m and 700m euros into Opel; 10% of the new company would be owned by Opel employees; GM would keep a 35% stake in the company; bid in connection with Russia's state-run Sberbank and Oleg Deripaska's truck firm Gaz
But there are tight deadlines involved, with the sale of GM Europe a key part of General Motors' reorganisation plans.But there are tight deadlines involved, with the sale of GM Europe a key part of General Motors' reorganisation plans.
GM has a 1 June deadline from the US government to either restructure its debt or declare bankruptcy.GM has a 1 June deadline from the US government to either restructure its debt or declare bankruptcy.
The rejection of GM's plans by its bondholders has made bankruptcy a more likely option.The rejection of GM's plans by its bondholders has made bankruptcy a more likely option.
'Pretty scandalous''Pretty scandalous'
German Economy Minister Karl-Theodor zu Guttenberg was critical of the late request for extra money.German Economy Minister Karl-Theodor zu Guttenberg was critical of the late request for extra money.
"GM again confronted us with new figures," he said, describing the tactics as "pretty scandalous"."GM again confronted us with new figures," he said, describing the tactics as "pretty scandalous".
He also criticised the level of involvement of the US Treasury Department, describing it as "marginal, to put it politely".He also criticised the level of involvement of the US Treasury Department, describing it as "marginal, to put it politely".
It will be up to GM to decide to whom to sell its European division, but the German government is being seen as highly influential in the process because of its offer of hefty financial assistance for the eventual winner.It will be up to GM to decide to whom to sell its European division, but the German government is being seen as highly influential in the process because of its offer of hefty financial assistance for the eventual winner.
Union criticismUnion criticism
The German government is particularly concerned about potential job losses, especially because it is an election year, with half of GM Europe's 50,000 workers based in Germany.The German government is particularly concerned about potential job losses, especially because it is an election year, with half of GM Europe's 50,000 workers based in Germany.
But there has been concern from other countries that contain GM Europe factories that this will mean any potential job losses and plant closures will take place outside of Germany.But there has been concern from other countries that contain GM Europe factories that this will mean any potential job losses and plant closures will take place outside of Germany.
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.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 criticised the UK government's level of involvement in the process. GM Europe owns Vauxhall in the UK which employs 5,500 people and has plants at Luton in Bedfordshire and Ellesmere Port in Cheshire.British unions have criticised the UK government's level of involvement in the process. GM Europe owns Vauxhall in the UK which employs 5,500 people and has plants at Luton in Bedfordshire and Ellesmere Port in Cheshire.