FRANKFURT, Nov 19 (Reuters) - German solar company SolarWorld (SWVG.DE: Quote, Profile, Research, Stock Buzz) on Wednesday announced a surprise plan to offer to buy General Motors Corp (GM.N: Quote, Profile, Research, Stock Buzz)'s four German Opel plants as well as its research centre in Ruesselsheim, Germany, sending its shares tumbling. 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 move comes days after Germany's state and federal governments said they planned to decide by Christmas whether to extend a guarantee of 1 billion euros to Opel, should its Detroit-based parent General Motors (GM.N: Quote, Profile, Research, Stock Buzz) file for Chapter 11 bankruptcy protection.
FRANKFURT, Nov 19 (Reuters) - German solar company SolarWorld (SWVG.DE: Quote, Profile, Research, Stock Buzz) on Wednesday announced a surprise plan to offer to buy General Motors Corp (GM.N: Quote, Profile, Research, Stock Buzz)'s four German Opel plants as well as its research centre in Ruesselsheim, Germany, sending its shares tumbling.
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 move comes days after Germany's state and federal governments said they planned to decide by Christmas whether to extend a guarantee of 1 billion euros to Opel, should its Detroit-based parent General Motors (GM.N: Quote, Profile, Research, Stock Buzz) file for Chapter 11 bankruptcy protection.
The Serious PeopleTM are deriding it, but even so... The fact is that what we're experiencing right now is a top-down disaster. -Paul Krugman
