Many officials in Germany were very angry with General Motors Company today for not picking a winning bidder for its Opel brand this past Friday. Sources familiar with the situation said that Fritz Henderson and other management had asked for more information from the German government on state financing available to complete the sale to Magna.
Reuters is now reporting that GM is considering a plan to raise funds to keep Opel as an alternative to selling the brand to Magna International Inc. Sources said that executives are considering an option that could raise more than $4 billion in a bid to keep Opel.
GM had no immediate comment.
Since GM is banned from using funding from the United States government to support international operations, insiders say that the company could raise money by selling or mortgaging the automaker’s assets in China.
– By: Omar Rana