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SolarWorld offers to buy Opel from GM

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FRANKFURT -(Dow Jones)- SolarWorld AG (SWV.XE), a German maker of solar energy equipment, Wednesday said it intends offer around EUR1 billion in cash and credit lines to take over carmaker Adam Opel GmbH, a unit of General Motors Corp. (GM) aiming to develop the "first green European car company."

SolarWorld, which makes solar grade silicon as well as solar wafers, cells and modules, said it would offer EUR250 million in cash as well as EUR750 million in credit lines for four German Opel plants as well as the carmaker's development center in Ruesselsheim, near Frankfurt.

How SolarWorld intends to finance such a transaction remains unclear as it only had EUR115.8 million in net liquid funds on Sept. 30.

Key conditions for the offer would be a liquidity guarantee for Opel from the German federal government, a full separation of Opel from parent company GM as well as a "compensation payment of EUR40,000 per German worker," which would equate to a total of EUR1 billion.



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