GM Europe Units Prepare For Next Rescue Steps

Fellow U.S. automaker Chrysler, which has been granted $4 billion in U.S. loans, is seeking an additional $5 billion

General Motors' European units prepared further steps to shore up their businesses in the face of a global car sales slump, while Honda shares fell after it said its head would be replaced in June.

Struggling U.S. carmaker General Motors' German unit Opel geared up to present a business plan to the government in the coming days, as the chief of loss-making Swedish brand Saab told a newspaper that rival carmakers had shown interest in its business.

The moves followed last week's call by GM for billions of dollars in extra U.S. government aid in the face of a crisis that has put the brakes on car sales worldwide.

GM's Opel will present a business plan to the German government in the coming days, a spokesman said on Sunday., although the government distanced itself on Monday from any commitment to Opel's future.

Jan-Ake Jonsson, chief executive of Saab, GM's loss-making Swedish brand, said other carmakers were among the investors that had shown interest in the unit, in an interview with Swedish business daily Dagens Industri, also on Sunday.

The Swedish carmaker, granted protection from creditors last week, has said it must quickly restructure to deal with losses, seen at 3 billion Swedish crowns ($347 million) this year, and find new funding from either private or public sources in order to launch new and more competitive models.

Fellow U.S. automaker Chrysler, which has been granted $4 billion in U.S. loans, is seeking an additional $5 billion as it struggles to stave off bankruptcy.

Chrysler on Sunday provided Canada with more details about how it would restructure Canadian operations after complaints that the plan it submitted last week lacked information specific to the country, Industry Minister Tony Clement said.

Meanwhile, Chinese automaker Beijing Auto denied it had held talks with Chrysler LLC about buying assets or technology from the U.S. company.

Also in Asia, Honda shares ended 3.8 percent lower at 2,160 yen after it said Chief Executive Takeo Fukui would be replaced by Senior Managing Director Takanobu Ito.

Fukui also said on Monday that no serious buyer had emerged for the company's Formula One racing team.

With sales crumbling in its main markets -- the U.S., Europe and Japan -- Fukui reluctantly pulled out of Formula One to channel funds into the development of a new generation of cars instead.

Toyota Motor Co. plans to cut parent-only global automobile production by 20 percent in 2009 to 6.5 million units as demand plunges, the Nikkei business daily said on Monday.