Bizarre story of the day… German solar firm SolarWorld has announced a $1.28 billion bid for assets of GM’s (GM) Opel unit in Germany. The plan is to create a new green auto company using existing manufacturing facilities, though traditional Opel cars will continue to be produced alongside. There’s no evidence that GM wants to sell Opel, and the head of the unit thinks it’s a longshot. Then again, GM needs all the cash it can get right now.
Still, this seems unlikely, and SolarWorld shareholders are pretty sceptical about the company’s newfound ambition to get into autos. Hey SolarWorld, have you seen the auto industry lately? Its German-traded shares fell 16% on the news.
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