EC investigates Germany for Opel

The European Commission will investigate the financial assistance provided by the Government of Germany for the sale of European operations of U.S. automobile giant General Motors. The investigation will be conducted in conjunction with any doubts that the planned job cuts may have been influenced by political factors injurious plant of Opel in the UK and Belgium.

According to „Financial Times“ EU Competition Commissioner Neelie Kroes will review the „entire context“ around the provision of credit guarantees worth of 4,5 billion euros mainly germanskoto government in support of the deal, under which Canadian-Austrian company to produce automotive parts „Magna International acquired 55 percent of Opel and the British company’s trademark of“ Vokshol.

Last night, Deputy Chief Executive Officer of Magna „Zigfird Wolf said that the workforce of the Opel and Vokshol, which represents more than 50 000 people, will be reduced over the next 12 months. Wolf confirmed that it may be necessary „Magna“ to close the plant of Opel in Antwerp, which employ 2 580 people.

British Minister for enterprise, innovation and craftsmanship Peter Mandelson urged the Commission to ensure that the closure and restructuring of enterprises is justified from a commercial standpoint. The new owners of Opel plans to invest 600 million euros (877 million dollars) in the Russian market, says the Financial Times.

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Finance