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Volkswagen seeks state guarantees for finance units
HAMBURG, Germany |
HAMBURG, Germany (Reuters) - Volkswagen has sought German state guarantees for its financial services and banking units, Europe's biggest carmaker said on Tuesday.
The guarantees would cover refinancing of car loans, a spokesman said without specifying what amount of guarantees it was seeking from the Berlin government's nearly 500 billion euro ($642.7 billion) package to stabilize the financial sector.
Premium carmaker BMW said it was still deciding whether to seek guarantees for its banking unit, while rival Daimler said it had no plans for such a step at this stage but may now reconsider its position.
General Motor's German business Opel has already sought 1 billion euros in guarantees from the German federal and state governments.
(Reporting by Jan Schwartz, Irene Presisinger and Hendrik Sackmann)
($1=.7780 Euro)
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