Germany: Opel deal remains "on track"

• Source: Global Times
• [11:21 October 19 2009]
• Comments

Germany’s Economic Minister said the sale of automaker Opel to car-parts maker Magna and its Russian partner is "on track", after a top European Union competition official expressed concerns over the deal.

Karl-Theodor zu Guttenberg expressed confidence October 17 to reporters in Berlin that Germany could resolve questions raised by EU Commissioner for Competition Neelie Kroes.

Kroes wrote a letter October 16 to Guttenberg saying that the Germany's pre-conditional offer to provide 4.5 billion euros ($6.7 billion) in aid for Opel on condition that Magna was selected to acquire a majority of the shares in Opel was incompatible with EU state aid and internal market rules.

Agencies and Shi Jierui contributed to this story