UPDATE 1-GM CEO starts Opel charm tour at Ruesselsheim HQ

Mon Nov 9, 2009 7:00pm GMT
 
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* Henderson addresses management at Opel HQ

* GM exec responsible for restructuring Opel to join visit

* Moody's says GM's restructuring cost estimates are way off

* German economy minister says Opel aid not on the agenda

(Adds Moody's on GM restructuring, Econ Min comments)

By Christiaan Hetzner

FRANKFURT, Nov 9 (Reuters) - General Motors CEO Fritz Henderson began his bid to win Germany over to his decision to keep the Opel unit, with government cash for its restructuring, while some said it wasn't budgeting nearly enough for the job.

Berlin, which had brokered a deal for Canada's Magna (MGa.TO) to buy the unit and save as many German jobs as possible, has assured the European Commission that it would offer aid to Opel whoever owned it, but Germany's liberal Economics Minister, Rainer Bruederle, cooled such expectations.

He said on Sunday that GM did not currently satisfy the criteria for aid and repeated that position on Monday. [ID:nL8272301]  Continued...

 

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