Germany has reached a landmark deal with Magna, General Motors and governments to save Opel from the imminent bankruptcy of its US parent, German leaders said on Saturday.
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A majority of United Auto Workers members approved a ratified agreement with General Motors on Thursday that would give the union a stake in the automaker in return for concessions, according to initial tallies.
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The Obama administration has estimated that a General Motors bankruptcy would take at least 60 to 90 days and perhaps longer to complete and is also planning an extraordinary offensive beginning on 2 June of sending senior officials to Midwest communities most affected by job losses and other aspects of GM and Chrysler bankruptcies.
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General Motors last night finalised a pre-packaged bankruptcy that would give the US government up to 72.5% and improved the offer to bondholders.
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Impact from the likely bankruptcy of General Motors would be limited on Japanese firms if the US government prepared a safety net, a senior industry ministry official has said.
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Germany and the United States today have possibly their last chance to save Opel and agree a plan to shield the carmaker from the all but inevitable bankruptcy of parent General Motors.
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Germany and the United States today have possibly their last chance to save Opel and agree a plan to shield the carmaker from the all but inevitable bankruptcy of parent General Motors.
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A Swedish court today granted General Motors' money-losing Saab unit a further extension to its protection from creditors as a local newspaper named carmaker Koenigsegg, the Renco Group and Fiat S.p.A. as potential buyers for the brands.
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A Swedish court today granted General Motors' money-losing Saab unit a further extension to its protection from creditors as a local newspaper named carmaker Koenigsegg, the Renco Group and Fiat S.p.A. as potential buyers for the brands.
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A Swedish court on Friday granted General Motors' loss-making unit Saab a further extension to its protection from creditors as a local newspaper named carmaker Koenigsegg, the Renco Group and Fiat S.p.A as potential buyers for the brands.
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A Swedish court on Friday granted General Motors' loss-making unit Saab a further extension to its protection from creditors as a local newspaper named carmaker Koenigsegg, the Renco Group and Fiat S.p.A as potential buyers for the brands.
Full story...
Germany reached a landmark deal with Canadian auto-parts group Magna, General Motors and governments to save Opel from the imminent bankruptcy of its U.S. parent, German leaders said on Saturday.
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Germany reached a deal in talks with Canada's Magna International, General Motors and governments to save GM's Opel unit, German government leaders said on Saturday after a six-hour meeting in the chancellery.
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Canadian supplier Magna International Inc. has reached a preliminary deal with General Motors to invest in Opel, boosting hopes for a deal with the U.S. and German governments to save the carmaker.
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German efforts to forge a rescue for General Motors' Opel unit were under threat on Friday after Fiat S.p.A. and Magna International, the leading candidates to take over the carmaker, voiced reservations about the bidding process.
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Germany reached a landmark deal with Magna International, General Motors and governments to save Opel from the imminent bankruptcy of its U.S. parent, German leaders said on Saturday.
Full story...
General Motors and Magna International have reached an agreement in principle that could rescue Opel, sources close to the negotiations said today.
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Germany and the United States get what may be their last chance to save Opel on Friday when they try to put a heated row behind them and forge a plan to shield the carmaker from a bankruptcy of its parent General Motors.
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Canadian supplier Magna International Inc. has reached a preliminary deal with General Motors to invest in Opel, boosting hopes for a deal with the U.S. and German governments to save the carmaker.
Full story...
German efforts to forge a rescue for General Motors' Opel unit were under threat on Friday after Fiat S.p.A. and Magna International, the leading candidates to take over the carmaker, voiced reservations about the bidding process.
Full story...
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