Magna-Opel takeover

"The fact that the GM board of directors decided to sell after all, can be seen as a triumph for the German government," the Sueddeutsche Zeitung writes. "Merkel spoke of a wonderful achievement and the benefits of patience. However, it could still turn out to be a premature judgment – and that more money will be required for Opel factories located in Ruesselsheim, Bochum, Kaiserslautern and Eisenach."

Bonn's General-Anzeiger daily had this to say: "The rapidly approaching elections, the upcoming International Automobile Fair in Frankfurt, and especially Opel's and Magna's poor financial situations forced the hand in the outcome of the long overdue decision to sell the Opel-majority to the consortium of Canadian-Austrian car-parts maker Magna and the Russian Sberbank. This is an important step but not a long term solution for Opel."

"The goal is to hopefully provide the partnership with cheap conditions, the daily Frankfurter Rundschau wrote. "The difference in the case of Opel is that instead of a supplier, the German government – at least in part – will settle the matter in the public eye. With Magna back in the picture, the government's fear of the worst possible outcome so close to elections has been averted. However, jobs security at the well-established auto maker is still not achieved. The focus is no longer just on keeping the four German factories alive, but now GM's specific requests have to be taken into consideration as well."

The banking capital's other daily broadsheet, the Frankfurter Allgemeine Zeitung, played down Merkel's success: "It's somewhat like auto-suggestion, that the German chancellor has led her voters to focus on the so-called rescue of Opel for months. There's no clarity. Therefore, the feeling of relief is inappropriate, at least for the German taxpayers who now have to contribute to the financing of 4.5 million euro (6.6 million)."

"Opel is still not out of danger," wrote Die Welt. "The work is just starting. The government's decision for the Magna partnership with Opel was very subjective; the problems and questions remain loom large. In the end, the decision was made as a result of electioneering. Now the state is taking a risk with 4.5 million euros ($6.6 million). No one can say if we will ever see that money again."

mo/AFP/dpa
Editor: Nancy Isenson