Solarworld to take over Opel?

Nov 20, 2008 Auto Tech, Startups

Opel

Opel

We know things are bad at GM and the other big automakers. Still the news that Solarworld, a German solar energy company is interested in bidding for Opel, GM’s German subsidiary is a bolt from the blue!

In this press release, Solarworld anounced its plans to offer to buy four German Opel plants as well as its research center in Ruesselsheim, Germany. The company, which last year had sales of just under 700 million euros, said that it could offer up 250 million euros ($315.6 million) in cash and another 750 million in credit lines, which were conditional on a German government guarantee.

The news came as a surprise and analysts are skeptical, given the apparent lack of synergies and the scale of integration needed for such a merger. GM spokesperson has also denied any plans to sell Opel.

Lets see how things unfold over the coming days.

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