As General Motors’ bank account continues to dry up, a German solar energy company offered $1.25 billion for the Opel brand.
The German solar energy company, SolarWorld, made a surprise bid yesterday to buy Opel from GM for $1.25 billion. The deal would include Opel’s four factories and its Russelsheim research and development operations. Although GM says it will not make it past Christmas if it cannot acquire more money and Opel is lobbying the German government for a bailout, both Opel and GM rejected the offer.
Opel has been GM’s shining star in recent years, and the Opel/Vauxhall Insignia was named car of the year today. GM also rewarded Opel earlier this year by promising to invest $12 billion in the brand by 2012 for its increasing performance.