SolarWorld offers $1.3 Billion for GM's Opel
By George Frey
BERLIN -- German solar energy company SolarWorldsaid Wednesday it plans to offer 1 billion euros in cash and credit for some assets of car maker Adam Opel GmbH, the German subsidiary of financially strapped General Motors (GM Quote). GM said it wasn't selling.
Bonn-based SolarWorld said in a statement it was planning to offer GM 250 million euros ($350 million) in cash and another 750 million euros ($945 million) in credit lines in a bid for four German production facilities and Opel's Ruesselsheim development center and headquarters, to make it Europe's first true "green" auto company.
SolarWorld said any deal would be dependent on GM completely exiting the company. The parent company is seeking government loans and says it is running out of cash. ...
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