Bonn, Germany - A David-and-Goliath takeover offer for the German factories of General Motors sent the share price of the bidding company, SolarWorld, crashing 16 per cent lower Wednesday.
SolarWorld, which assembles and installs smaller electricity generating systems that rely on wind or the sun, asked GM to give it four factories, a German research centre, the Opel brand and 1 billion euros (1.25 billion dollars).
The Bonn-based company said it would inject an additional 1 billion euros of its own cash and loans to convert Opel into "Europe's first green automobile maker," designing cars with low- emission engines.