General Motors has signalled it is ready to contribute about 600 million euros ($904.3 million) of its own cash to restructure its Opel carmaking unit, German Economy Minister Rainer Bruederle said on Wednesday.
GM wants to provide 600 million euros itself and wants the rest to be provided by European taxpayers, Bruederle's ministry said in a statement, adding that GM had submitted a summary of a restructuring plan for Opel and British unit Vauxhall.
The U.S. carmaker has said it needs a total of 3.3 billion euros to overhaul Opel, which would leave approximately 2.7 billion to be financed by European governments.
Bruederle said GM had yet to convince Germany that the carmaker warranted state aid.
The paper submitted is not an application for state funds and cannot serve as the basis for making an assessment of one, he said. It provides no answers to any of the important questions about Opel's future.
The minister added that Tuesday's abrupt departure of Fritz Henderson as chief executive did not reflect well on GM.
Both the paper and the resignation of GM chief Henderson confirm that there is no clear line at GM, he said.