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German Company Offers GM $1.3 Billion To Buy Opel And Turn It Green |
Solarworld AG, Germany's third- largest solar company, will offer to buy the German operations of General Motors Corp.'s Opel division and transform it into a green carmaker. The solar-panel maker wants the world's largest carmaker to pay it about 1 billion euros ($1.3 billion) to take over Opel's 25,700 German workers, the Bonn-based company said today in a statement. GM would also have to cut ties with the Ruesselsheim, Germany-based company it acquired in 1929. Solarworld slumped as much as 21 percent in Frankfurt trading.
Solarworld said it could make 250 million euros in cash available and provide 750 million euros in credit lines, pending government approval, to acquire Opel's four German factories and GM's development center in Ruesselsheim.
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