MUNICH -- Opel/Vauxhall dealers will meet with the German government and the bidders for the company this week after agreeing to raise 500 million euros, or $677 million, to invest in General Motors ailing European unit.
Representatives from Opel/Vauxhalls 4,000 dealers in Europe voted last week in Vienna to take a direct equity stake in the automaker. Euroda, the European Opel/Vauxhall dealers association, approved a plan that could give it a 10 to 20 percent stake in the carmaker and a seat on its supervisory board in return for the investment.
We will start talks with all potential and possible bidders, the governments and GM, Euroda Chairman Jaap Timmer said. Of course it hurts to pay into a fund, but it will pay dividends. It will be far worse if we have no manufacturer at all.