Opel auto workers in Germany downed tools to show their anger at GM's decision to abandon a a sale of the German-based unit to Magna. They blame GM for mismanaging Opel into losses.
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Opel auto workers in Germany downed tools to show their anger at GM's decision to abandon a a sale of the German-based unit to Magna. They blame GM for mismanaging Opel into losses.
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Opel auto workers in Germany downed tools to show their anger at GM's decision to abandon a a sale of the German-based unit to Magna. They blame GM for mismanaging Opel into losses.
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GM is confident that it can find the financing to keep and restructure its European Opel unit, CEO Fritz Henderson said. GM can find ways to provide financing to Opel from its U.S. operations even after a restructuring funded by U.S.
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GM is confident that it can find the financing to keep and restructure its European Opel unit, CEO Fritz Henderson said. GM can find ways to provide financing to Opel from its U.S. operations even after a restructuring funded by U.S.
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Russian Prime Minister Vladimir Putin said on Thursday that GM's U-turn over the sale of Opel showed the generally "scornful" approach of U.S. companies when dealing with their European partners.
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General Motors Co.'s decision to keep its European unit Opel will benefit European taxpayers, especially in Britain, Germany and Spain, British Business Secretary Peter Mandelson said on Thursday.
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General Motors Co.'s decision to keep its European unit Opel will benefit European taxpayers, especially in Britain, Germany and Spain, British Business Secretary Peter Mandelson said on Thursday.
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Angry German workers are protesting on Thursday after General Motors said it would cut some 10,000 jobs at Opel in a move slammed as a slap in the face for chancellor Angela Merkel.
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GM Europe head Carl-Peter Forster expects massive cuts at Opel after GM decided to hold on to its European unit, he was quoted saying in a German newspaper. "We had negotiated a good restructuring plan which was ready and on the table," Forster said.
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General Motors Co.and#8217;s restructuring plan for Opel will be similar to the plan Canadian supplier Magna International Inc. had for the company, a top GM executive said today.
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GM Europe head Carl-Peter Forster expects massive cuts at Opel after GM decided to hold on to its European unit, he was quoted saying in a German newspaper. "We had negotiated a good restructuring plan which was ready and on the table," Forster said.
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In today's News Brake: Toyota puts the brakes on its Formula One program, GM says it will keep Opel, and the latest news from the SEMA show . . . But Wait, There's More!
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Russian Prime Minister Vladimir Putin hinted the battle for carmaker Opel was not over, saying it was the trust overseeing Opel, not the board of General Motors Co., its parent, that should decide any further steps.
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GM's decision to keep Opel means the U.S. automaker must secure 3 billion euros to turn around its European operations.
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General Motors Co. has abandoned a deal to sell its European operations to a group led by auto supplier Magna International Inc.
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General Motors Co. is right keep Opel, Dirk Pfeil, a member of the trust overseeing the German-based GM division, said. "I consider it to be the right move," Pfeil said.
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So, there you have it - the final twist in the tail. GM has, at the eleventh hour, done an abrupt U-turn in order to avoid doing something that it never wanted to do, but felt that it had to do when adverse financial circumstances dictated that it file for Chapter 11 bankruptcy in the US earlier this year.
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Magna International has said it would continue to "support" Opel and GM after the US automaker decided to retain and restructure the European unit.
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British business secretary Peter Mandelson wants to talk soon with General Motors after the automaker scrapped plans to sell its European Opel unit, including its British Vauxhall plants.
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