The Associated Press: SolarWorld offers $1.26B for Adam Opel's assets - by George Frey
SolarWorld offers $1.26B for Adam Opel's assets - by George Frey
German solar energy company SolarWorld AG said Wednesday it plans to offer euro1 billion ($1.26 billion) in cash and credit for some assets of car maker Adam Opel GmbH, the German subsidiary of financially strapped General Motors Corp. GM said it wasn't selling. Bonn-based SolarWorld said in a statement it was planning to offer GM euro250 million ($350 million) in cash and another euro750 million ($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 it would develop a new generation of energy efficient and reduced emissions automobiles alongside successful models that Opel currently produces, should a deal work out. "With the restructuring of the product pallet, the traditional German auto builder would offer in future especially electric and hybrid automobiles and the newest technology combining extended-range electric and combustion motors highly efficiently," SolarWorld said.
Labels: Automotive Industry, EU, GM, SolarWorld
