The shine is off the deal

Picture taken Oct. 15, 2009, shows the sun reflected in an Opel logo in Bochum, western Germany.

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Picture taken Oct. 15, 2009, shows the sun reflected in an Opel logo in Bochum, western Germany. The German government said Monday it is hopeful of overcoming European Union worries about General Motors Co.’s deal to sell its Opel subsidiary to a Canadian-Russian consortium, and argued that there was no need to review the bidding process. The European Union’s competition commissioner has voiced concern to Germany over its planned financial aid for a deal that would see car parts marker Magna and a partner take a majority stake in auto maker Opel. Commissioner Neelie Kroes wrote Germany’s economy minister citing “significant indications” that the aid was promised on condition that a specific bidder was selected. The Commission said that would be incompatible with EU internal market rules.

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