General Motors' board of directors has decided that it will keep the Opel business and restructure it, putting an end to plans to sell the European operations to auto supplier Magna International.
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It would be fair to say that Germany is not best pleased this morning over GM's decision last night not to sell Opel to a Magna-led consortium and, instead, retain and restructure the European unit.
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British Business Secretary Peter Mandelson said on Wednesday he wanted talks soon with General Motors Co. after the U.S. automaker scrapped plans to sell its European Opel unit, which includes British sister brand Vauxhall and its UK plants.
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British Business Secretary Peter Mandelson said on Wednesday he wanted talks soon with General Motors Co. after the U.S. automaker scrapped plans to sell its European Opel unit, which includes British sister brand Vauxhall and its UK plants.
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In a surprise decision announced last night, General Motors' board has reversed course and decided to retain and restructure Opel.
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GM will return the money it was loaned by Germany to help Opel, German Economy Minister Rainer Bruederle said today after the U.S. carmaker decided to keep its European unit.
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GM will return the money it was loaned by Germany to help Opel, German Economy Minister Rainer Bruederle said on Wednesday after the U.S. carmaker decided to keep its European unit.
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General Motors Co.'s Opel unit put the best face on its parent's decision to reverse course and keep its European arm rather than sell it to a group led by Magna International Inc..
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General Motors Co.'s Opel unit put the best face on its parent's decision to reverse course and keep its European arm rather than sell it to a group led by Magna International Inc..
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Bitterness, anger and disbelief mixed with betrayal and even resignation are just some of the emotions boiling within Germany following Tuesday's news that General Motors Co. will scrap its sale of Opel.
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Bitterness, anger and disbelief mixed with betrayal and even resignation are just some of the emotions boiling within Germany following Tuesday's news that General Motors Co. will scrap its sale of Opel.
Full story...
Bitterness, anger and disbelief mixed with betrayal and even resignation are just some of the emotions boiling within Germany following Tuesday's news that General Motors Co. will scrap its sale of Opel.
Full story...
The German government regrets a decision by the board of General Motors Co. to retain Opel, a government spokesman said. Germany expected GM to repay 1.5 billion euros in bridge financing provided by German state banks.
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The British government said on Tuesday it would be willing to provide funding to secure the future of Opel sister brand Vauxhall's car plants in Britain after General Motors Co.
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Bitterness, anger and disbelief mixed with betrayal and even resignation are just some of the emotions boiling within Germany following Tuesday's news that General Motors Co. will scrap its sale of Opel.
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General Motors Europe said it plans to secure the bulk of financing to secure Opel's future from European loan guarantees after GM decided not to sell the European unit to Canada's Magna International Inc.
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Bitterness, anger and disbelief mixed with betrayal and even resignation are just some of the emotions boiling within Germany following Tuesday's shocking news that General Motors Co. will scrap its sale of Opel.
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Magna International Inc. (TSX: MG.A, NYSE: MGA) today announced that it has been advised by General Motors ("GM") that the GM Board of Directors has decided to terminate the sale process for Opel.
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DETROIT - Given an improving business environment for GM over the past few months, and the importance of Opel//Vauxhall to GM's global strategy, the GM Board of Directors has decided to retain Opel and will initiate a restructuring of its European operations in earnest.
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The Obama administration did not get involved with General Motors Co.'s decision to keep and restructure its Opel carmaking operations in Europe, a U.S. Treasury spokeswoman said on Tuesday.
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