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German economics minister, GM chief meet over Opel

Business Materials 17 March 2009 10:36 (UTC +04:00)

German Economics Minister Karl-Theodor zu Guttenberg met with top managers of General Motors Corp on the future of the US carmaker's German subsidiary Opel.

No details were released from late Monday's talks in Washington, which lasted more than two hours, reported dpa.

GM chief executive Rick Wagoner was the top participant from the struggling US carmaker.

On the eve of the 80th anniversary of GM's partnership with the German car manufacturer, Germany was seeking ways to separate the Opel subsidiary from GM, which has already received billions of dollars in emergency loans from the US government to keep it afloat.

The German federal government has repeatedly spoken against a financial bail-out, but four German states with Opel factories are seeking ways to save up to 50,000 jobs related to Opel and its supply chain.

Guttenberg was scheduled to meet Tuesday with US Treasury Secretary Timothy Geithner and Larry Summers, director of US President Barack Obama's National Economic Council.

GM's European subsidiaries, which also include Vauxhall and Saab, all face uncertain futures amid the parent firm's woes.

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