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Germany: GM should find Opel funds independently

GENERAL MOTORS (GM) should come up with its own financing for Opel, Germany&rsquo;s economy minister Rainer Bruederle said yesterday, after the US carmaker axed plans to sell off its European arm. <br /><br />In a blow to the group, which is seeking state aid, he said GM should shoulder the responsibility of restructuring Opel, which trades as Vauxhall in the UK. <br /><br />Germany had offered up &euro;4.5bn (&pound;4.1bn) to support the carmaker &ndash; not to mention protecting German jobs &ndash; if the company sold Opel to Canadian car parts maker Magna. <br /><br />But GM caused uproar last week when it pulled out of the deal, opting to go it alone instead. Bruederle said that the GM executives apologised over communication failures related to their decision not to go ahead with the sale. <br /><br />He added: &ldquo;GM executives said they would present their restructuring plan for Opel soon&rdquo;.