Reaching a deal to acquire General Motors' European unit Opel in just a few weeks was never going to be easy for Canada's Magna International Inc.
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Magna and Russian partners will surely win the bid for Opel, IG Metall trade union head Berthold Huber has said.
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Senior German politicians from the CDU political party have provided some support for alternative - to Magna - bids for Opel.
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Senior German politicians from the CDU political party have provided some support for alternative - to Magna - bids for Opel.
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General Motors executives were meeting German government officials in Berlin today (9 July) to update them on the various bids for Opel, Bloomberg News reported, citing people familiar with the matter.
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The Chinese Opel bidder Beijing Automotive's (BAIC) plan to idle production at the company's Eisenach plant in Germany for two years following a takeover could effectively ruin productivity there, a senior labour leader has said.
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Interest by several potential investors is generally positive as it strengthens the automaker's negotiating position, but it must not delay the sales process, Opel's chief has said.
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Russia is set to approve loan guarantees worth US$629m for troubled carmaker GAZ, which is part of a consortium slated to buy GM unit Opel, Vedomosti business daily reported on Wednesday.
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The German state of Thuringia, which is helping finance Opel operations, strictly opposed a plan by Beijing Automotive (BAIC) to take over the carmaker using EUR2.64bn (US$3.69bn) loaned and guaranteed in part by the German government, a report said on Tuesday.
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State-owned Beijing Automotive (BAIC) faces long odds in its bid to buy Opel, as China remains wary of firms taking over foreign automakers, according to influential Chinese magazine Caijing.
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Russian Prime Minister Vladimir Putin met Tuesday with Berthold Huber, head of IG Metall, the labour union that represents Opel workers in Germany, according to Russian media reports.
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Beijing Automotive Industry Corporation plans to build a US$2bn Opel factory in China and close the carmaker's Antwerp plant in Belgium if its bid for General Motors' European unit is successful, the Financial Times reported, citing people close to the situation.
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China's BAIC has written to German officials regarding Opel, but an economy ministry spokesman refused on Monday to reveal the contents.
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Chinese state-owned automaker Beijing Automotive (BAIC) has submitted an indicative, non-binding offer for Opel, sources familiar with the situation were quoted as saying on Friday.
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Reports suggest that Beijing Automotive Industry Holding Co (BAIC) may make a bid for Opel/Vauxhall.
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EU regulators are nearing the end of their investigation into state bridging financing for Opel but require more information from the German authorities.
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Investor firm RHJ is reportedly getting close to a deal with GM to buy a stake in Opel as a prospective deal with preferred bidder Magna hits problems.
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Opel plans to use just EUR1.2bn of an EUR1.5bn bridge loan from the German government and is planning to retain the balance as an emergency reserve, according to reports.
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Opel has hundreds of millions of euros in cash, the chairman of the trust overseeing the automaker said on Monday.
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Sberbank and Magna may not finalise a deal to buy Opel as they have not yet agreed to new conditions of the deal outlined by General Motors, the Kommersant business daily reported on Monday.
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