The premier of Lower Saxony, Christian Wulff, is against the German government taking a stake in troubled General Motors' Opel unit, Reuters reported today.
"The state should not enter the business of building cars," Wulff told German media portal sueddeutsche.de on Wednesday.
Wulff is the caretaker of Lower Saxony's 20 percent stake in Volkswagen AG. Wulff and his economics minister both sit on VW's supervisory board.
Both Porsche Automobile SE and the European Commission want Lower Saxony to give up that 20 percent stake. Wulff says no.
Imagine newly installed GM CEO Fritz Henderson saying that the U.S. government shouldn't extend bailout money to Chrysler LLC because the government shouldn't be involved in the auto industry.