The European Opel/Vauxhall dealer association Euroda said Wednesday that it agreed on a proposal to set up a fund to possibly acquire a minority stake in an enterprise that would be separated from parent company General Motors Corp. (GM).

Under the proposal, dealers would contribute EUR150 per vehicle sold for a period of three years to the fund.

"If all countries and dealers were to participate in the Euroda Fund, this could generate an amount in the region of EUR400 million or above," the dealer association said in a statement.

"Obviously, this Euroda fund could acquire a minority share in the new company only, but would at the same time give a clear signal to all parties involved," it added.

The dealers said the new enterprise would have to be separated from GM, but the Detroit-based automaker should retain a minority stake "for practical reasons, for example with regard to economy of scale in purchasing and engineering."

 
   Company Web site: www.gm.com 
 
   -By Christoph Rauwald, Dow Jones Newswires; +49 69 29 725 512; christoph.rauwald@dowjones.com