GM Opel sale deterred by pension liabilities: report

People look at cars at an Opel shop in Riga March 20, 2009.

FRANKFURT (Reuters) - The search for an investor for General Motors Corp's Opel unit is being hampered by almost 4 billion euros ($5.31 billion) in pension liabilities at Opel, a German newspaper reported.

"It's a high number and a potential problem," Financial Times Deutschland cited a person taking part in talks with prospective investors as saying in an article to be published on Wednesday.

Opel, part of GM Europe, needs to set aside the money for retirement pay for 20,000 of its active workers and for 40,000 retired employees, FTD said.

An Opel spokesman described the amount reported by FTD as "pure speculation," when contacted by Reuters.

PSV, a cooperative insurance association of German employers that covers pension liabilities of folded businesses, may play a key role in the talks to find a buyer because PSV at times offers to take on some retirement liabilities to avert the collapse of a company, FTD said.

Ailing Opel, which has said it needs 3.3 billion euros ($4.47 billion) in state aid to avert lay-offs and plant closures, is under pressure to win private-sector investors, a precondition set by Chancellor Angela Merkel for state loan guarantees.

($1=0.752840 euro)

(Reporting by Ludwig Burger and Angelika Gruber, editing by Gerald E. McCormick)