Solar company announces bid for General Motors subsidiary Opel

Solar company announces bid for General Motors subsidiary Opel
Christoph Hammerschmidt
EE Times Europe (11/19/2008 9:34 AM EST)
MUNICH, Germany — In the wake of the financial crisis, General Motors is in trouble and so is its German subsidiary Adam Opel AG, one of Europe's largest car makers. Now photovoltaics vendor Solarworld AG (Bonn, Germany) has submitted a takeover bid for Opel. Solarworld intends to create the first "green" automotive OEM.
Solarworld has contacted General Motors with the surprising offer to take over Opel's four German factories plus its design center, based in Ruesselsheim near Frankfurt. The PV system vendor offers to pay for the acquisition the sum of € 250 million (about $315 million) plus bank lines of € 750 million. Beneficiary of the sum would be Opel. Solarworld CEO Frank Asbeck said he intends to develop Opel as the first truly "green" European car maker.