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Despite pleas by German Chancellor Angela Merkel on November 3, 2009, General Motors announced that same day it will not sell off Opel. General Motors has been working on a deal with Magna International Inc, a deal which was strongly backed by the German government. http://www.reuters.com/article/marketsNews/idUSWEN599920091103
- General Motors announced it would keep Opel because of its "improving business environment" and strategic importance to GM. Opel is a key supplier of car designs to GM. http://online.wsj.com/article/SB125728725957326159.html?mod=WSJ_hpp_MIDDLTopStories
- Germany supported the deal with $6.7 billion (E4.5 billion), after a previous financial injection of €1.5 billion, which Germany is now expected to demand refunded.http://online.wsj.com/article/SB125728725957326159.html?mod=WSJ_hpp_MIDDLTopStories
- With the sudden move by GM, German employees fear the continuation of production plants in Germany (Bochum and Kaiserslautern), and Antwerp, Belgium.
- The sudden change of heart by GM was condemned by German Economics Minister Rainer Bruederle on Wednesday November 4, 2009, who called the move "totally unacceptable".http://online.wsj.com/article/BT-CO-20091104-704977.html
History
- On May 30, 2009 General Motors announced it would reform its European branch into a New GM Europe, which would comprise of Opel and Vauxhall.http://apps.detnews.com/apps/blogs/autosblog/index.php?blogid=788&source=nletter-business
- The GM Europe deal, supported by the German government, meant GM would keep a stake of 35%, Opel staff would get a 10% stake,[6] and the remaining 55% sold to a new partner, either FIAT or a consortium including Magna International.http://www.tagesschau.de/wirtschaft/opelmagnatreuhand100.htmlhttp://news.bbc.co.uk/2/hi/business/8074924.stmhttp://news.bbc.co.uk/2/hi/business/8075157.stm
- Two days later, on June 1, 2009, GM filed for bankruptcy. New GM Europe was not directly affected by this.http://dealbook.blogs.nytimes.com/2009/05/29/after-93-years-gm-shares-go-out-on-a-low-note/http://www.nytimes.com/2009/06/01/business/01auto.html?_r=1
- The deal with the Magna Group was agreed on September 10, 2009http://news.bbc.co.uk/2/hi/business/8247971.stm
- On November 3, 2009, the GM board decided to back out of the deal.http://abcnews.go.com/Business/wireStory?id=8861499
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GM Keeps Opel News
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TIMELINE: China carmakers eye global brands
July 23 - GM rejects BAIC bid for its Opel brand; keeps talking to rival bidders. BAIC, the Chinese partner of Daimler AG (DAIGn. ... (December 08, 2009)Reuters -
Beijing Automotive Plans to 'Move Fast' on GM's Saab
While GM directors might opt to keep Trollhaettan, Sweden-based Saab, as they did with Opel this month, GM has a contingency plan that calls for winding ... (November 29, 2009)Bloomberg -
TIMELINE:China carmakers eye global brands
[ID:nRON004699] July 23 - GM rejects BAIC bid for its Opel brand; keeps talking to rival bidders. BAIC, the Chinese partner of Daimler AG (DAIGn. ... (December 07, 2009)路透中国 -
Magna keeps frame contract for GM pickups, SUVs
Magna was the leading candidate to buy GM's European Opel unit, but the automaker decided earlier this month to keep Opel. That left the supplier to manage ... (November 23, 2009)Automotive News
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GM Keeps Opel Links Powered by Google
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GM Keeps Opel
Well, well, well - look what has transpired here. General Motors' cash crunch over the past year resulted in attempts to rid itself of global assets. That hascarthrottle.com -
Daily Wrap Up - Nov 3 - International Business Times -
GM opts to keep Opel, scraps sale to Magna The board of General Motors Co has opted to keep Opel, undoing months of painstaking negotiations to sell the European unit to a Russian-...ibtimes.com -
GM keeps Opel --- Magna out - English Forum Switzerland
GM has decided NOT to sell Opel to Magna. One of the weaknesses of the Magna plan was that they did not want to buy Vauxhall, the other part of GMenglishforum.ch
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GM Keeps Opel Blogs
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GM Keeps European Opel Brand - General Motors and Opel - Popular ...
General Motors' board on Tuesday reversed course on an earlier decision to sell its European subsidiary Opel. Here's what it means for GM's future products and strategy. (November 03, 2009)origin.popularmechanics.com -
GM Keeps Opel! | Car News Blog at Motor Trend
GM Keeps Opel!: read this blog post or join the discussion at Motortrend.com. (November 03, 2009)blogs.motortrend.com -
GM Keeps Opel; Supplier Magna Still a Supplier, Not a Maker | BNET ...
Now that General Motors has decided to keep Opel after all, it seems like some barriers are not meant to be broken for now, even in today's tops. (November 04, 2009)blogs.bnet.com -
Episode 264 – GM Keeps Opel, U.S. Car Sales Slide, New Honda ...
I agree with almost everybody here, GM did very well to keep Opel if it can afford it, it is much, much more important than, say, is Saab for GM or Volvo for Ford. And Roger T is absolutely correct re deep discounts nee... (November 04, 2009)autolinedetroit.tv
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Mahalo Answers for GM Keeps Opel
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Will GM sell Opel to Fiat? 1 AnswerI believe that they should sell it because they are not in the usa anyways and plus it might help them or motivate them to fight bankrupcy. read more -
Should GM abandon the sell of Opel? Will GM sell Opel to Vauxhall? 1 AnswerI think it is a foolish and short sighted move, they need to do a better job of intergrating Opel into the product lines and they need to stop making either or ... read more
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How much cost cutting will GM need to survive? 2 AnswersAccording to most analysts, more than 10B per quarter. http://www.huffingtonpost.com/steve-parker/can-gm-survive_b_113740.html read more
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