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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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.
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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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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 Canadian supplier Magna International Inc., General Motors and governments to save Opel from the imminent bankruptcy of its U.S. parent.
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Germany raced to overcome a transatlantic spat and growing tensions among Opel bidders to clinch a deal for the German carmaker today, as parent General Motors hurtled toward bankruptcy.
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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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In light of the need for an additional EUR300m in financing that has just been estimated for Opel, the European association of around 4,000 dealers, Euroda, has renewed its offer for dealer shareholding in a future Opel/Vauxhall corporation.
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German Foreign Minister Frank-Walter Steinmeier said on Thursday he got assurances from U.S. Secretary of State Hillary Clinton that she would push for U.S. support to find a solution for General Motors Opel unit.
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General Motors Europe units Opel and Vauxhall are expected to post a record $3bn pretax loss for 2009, Financial Times Deutschland said on Thursday.
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As the battle for German carmaker Opel narrowed to a two-way race between Fiat and Magna International, overnight talks to shield Opel from parent General Motors' looming bankruptcy ended with no deal early on Thursday.
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As the battle for German carmaker Opel narrowed to a two-way race between Fiat and Magna International, overnight talks to shield Opel from parent General Motors' looming bankruptcy ended with no deal early on Thursday.
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A late bid by China's Beijing Automotive Industry Corp (BAIC) for Opel could still be considered if the company makes a more detailed offer, German finance minister Peer Steinbrueck told reporters after marathon overnight talks between GM, the German government and three other bidders failed to produce a clear result.
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Twelve hours of talks over the future of Opel ended last night in Berlin without a deal with the Germans blaming the US for the hiatus.
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Don't look for China to drive consolidation in a global auto industry bloated with too much cost and capacity, analysts and executives say. Their comments follow a recent rash of reports and speculation that say otherwise.
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German government officials blamed the U.S. Treasury for the failure of talks on state aid for General Motors' Opel unit but said discussions would resume Friday.
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General Motors chief Fritz Henderson CEO is trying to repair a rift between Berlin and Washington that threatens to torpedo Germany's goal of shielding GM subsidiary Opel from its parent's possible bankruptcy.
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General Motors chief Fritz Henderson CEO is trying to repair a rift between Berlin and Washington that threatens to torpedo Germany's goal of shielding GM subsidiary Opel from its parent's possible bankruptcy.
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General Motors CEO Fritz Henderson is trying to repair a rift between Berlin and Washington that threatens to torpedo Germany's goal of shielding GM subsidiary Opel from its parent's possible bankruptcy.
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