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DJ GM's Reilly: Wants EUR3.3B In Total Aid For Opel

Posted on: Mon, 23 Nov 2009 09:57:00 EST

Symbols: MGA

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BRUSSELS, Nov 23, 2009 (Dow Jones Commodities News Select via Comtex) --
MGA | Quote | Chart | News | PowerRating -- General Motors Co. wants European Union governments to help provide EUR3.3 billion for its Adam Opel AG unit, but will restructure the automaker without state help if needed, GM's President of International Operations Nick Reilly said Monday.

GM recently decided to keep Opel after negotiating a sale to Canadian auto parts company Magna International Inc. (MG.A.T) and Russia's Sberbank (SBER.RS). Under that deal, Germany was going provide Opel EUR4.5 billion in restructuring funds, but German government officials say they are reconsidering this aid now that GM plans to keep the automaker.

Reilly and EU economy ministers met Monday in Brussels to discuss a restructuring plan for Opel. Reilly told journalists on the sidelines of the meeting that he presented the ministers a "broad" restructuring plan. He added that more details will be provided when the company talks to Opel workers in the coming days.

Reilly said GM, which is currently restructuring operations in the U.S. and other regions, will provide some of the EUR3.3 billion Opel needs. He noted that GM's restructuring plans won't be altered by EU states' financial help.

"The plan that we have is already in place and will not be influenced by any particular governments giving particular money," Reilly said.

-By Peppi Kiviniemi, Adam Cohen and Matthew Dalton, Dow Jones Newswires; +322 741 1486; adam.cohen@dowjones.com

(END) Dow Jones Newswires

11-23-09 0957ET

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