Euroda, the Opel and Vauxhall European dealers association said that it wants to raise a capital of about €500 million or US$675 million to help GM's European division by having each dealer contribute €150 or US$200 from each car they sell over a period of three years.
"We will start talks with all potential and possible bidders, the governments and GM on Monday," Euroda Chairman Jaap Timmer told reporters. "We are thinking about a 20 percent stake, it could be more, it could be less. Of course it hurts to pay into a fund, but it will pay dividends. It will be far worse if we have no manufacturer at all," Timmer added.
As for two most prominent candidates to obtain a majority stake in the maker, the Austrian - Canadian components maker Magna and Italy's Fiat S.p.A, Timmer said, "Our preference will be clear after we have talked to them. After our talks with the parties, we will go back to the members to get final and binding approval for our plan."
Via: ANE (Sub. Req.)