Fiat chairman Luca Cordero di Montezemolo said ON Wednesday the takeover of Germany's Opel from US auto giant General Motors was "a lottery," adding that Fiat had "done everything possible" to win the bid.
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United Auto Workers officials have unanimously endorsed a new cost-cutting labour agreement with General Motors, paving the way for a quick ratification this week.
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A new study suggests that more than 1.3 million U.S. jobs -- and up to $68.7 billion in personal incomes -- could be lost in the first year if Chrysler LLC and General Motors endure "lengthy and disorderly" bankruptcies.
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Bidders for General Motors' German unit Opel were being urged today to improve their offers ahead of an evening meeting with the German government that was set to narrow the field of potential investors. Here are key elements of the bidders' plans:
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Nowhere near enough General Motors bondholders agreed to exchange their debt for stock before a midnight Tuesday deadline, making a bankruptcy filing by the automaker highly likely.
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Nowhere near enough General Motors bond holders agreed to exchange their debt for stock before a deadline at midnight Tuesday, making a bankruptcy filing by the automaker highly likely.
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Germany scrambled on Wednesday to put a plan in place to protect carmaker Opel from a looming bankruptcy filing by U.S. parent General Motors.
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Bidders for German carmaker Opel are being pressed to make last-minute changes to their offers ahead of a meeting on Wednesday that could narrow the field of potential investors in the General Motors unit.
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Germany aims to narrow the field of bidders for General Motors unit Opel on Wednesday and reach a deal to provide the carmaker with temporary financing should its U.S. parent file for bankruptcy.
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The future of General Motors' Opel, Vauxhall and Saab divisions should be settled at a European level and not country by country, Belgium's prime minister, and premier of the Flanders region where Opel's Antwerp factory employs 2,600 workers, has said.
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A General Motors bankruptcy - the largest ever in US industrial history - now appears inevitable after the automaker failed to persuade enough bondholders to accept a debt-for-equity swap last night.
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With the German government expected to make its decision on who it favours to buy a majority share in General Motors' Opel unit tonight (Wed), Fiat's bid was boosted as Italy's second largest lender, Intesa Sanpaolo, said it was ready to provide Fiat with financial support.
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Opel's supervisory board was holding an extraordinary meeting on Wednesday morning to decide on the carmaker's legal separation from its parent General Motors, a person familiar with the matter has said. It has also emerged that a Chinese automaker has submitted a last-minute bid.
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The German government has decided to give Fiat and Magna preferred bidder status for General Motors' Opel unit and grant them access to the automaker's books, the German daily Die Welt said.
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General Motors set the course today for its European operations to break away as a separate company, transferring all European factories and patents debt-free to a German subsidiary.
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The German government has decided to give Fiat and Magna preferred bidder status for General Motors' Opel unit and grant them access to the automaker's books, the German daily Die Welt said.
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The German government has decided to give Fiat and Magna preferred bidder status for General Motors' Opel unit and grant them access to the automaker's books, the German daily Die Welt said.
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U.S. car giant General Motors paved the way Wednesday for its European operations to break away as a separate company, transferring all its European factories and patents debt-free to a German subsidiary.
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Germany scrambled today to put a plan in place to protect Opel from a looming bankruptcy filing by its U.S. parent General Motors.
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Opel's supervisory board was holding an extraordinary meeting on Wednesday morning to decide on the carmaker's legal separation from its parent General Motors, a person familiar with the matter said.
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