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GM pledges 1.9 billion euros to restructure Opel, Vauxhall

Tue, 03/02/2010 - 17:44 by Jaspreet Virk

In a move to turnaround its struggling Opel and Vauxhall units, General Motors (GM) said Tuesday that it would triple the funding in these units.

GM to keep Opel

Wed, 11/04/2009 - 15:17 by Jaspreet Virk

New York, November 4 -- Reviewing all outcomes, the board of directors at General Motors have abruptly reversed the earlier decision to sell its Opel unit.

EU warns on German aid in Opel deal

Sun, 10/18/2009 - 07:37 by admin

BERLIN, Oct. 17 -- Germany's offer to back the purchase of General Motor Co.'s Opel subsidiary with state aid may doom the deal with European regulators, observers say.

European Union regulators Friday expressed concerns about Germany's financing offer to potential Opel buyer Magna International Inc., which would be dependent on Magna winning the bidding for the automaker, The Wall Street Journal reported.

European Competition Commissioner Neelie Kroes wrote in a letter to German Economics Minister Theodor zu Guttenberg that the contingency wouldn't "be incompatible with EC (European Commission) Treaty state aid and internal market rules" because the same offer isn't being extended to other Opel bidders, the newspaper said.

Expert: Objections may doom Opel deal

Sat, 10/10/2009 - 22:32 by Salinder Kumar

Berlin -- Britain and Spain's objections to an international bid to buy General Motors' German Opel subsidiary may kill the deal, an analyst says.

German auto industry expert Ferdinand Dudenhoeffer says London and Madrid's reservations about the offer from Magna, in which the Canadian firm and its Russian backers have refused to guarantee that auto plants outside of Germany would stay open after the purchase, is fatally delaying the sale, Deutsche Welle reported Saturday.

Dudenhoeffer told the German broadcaster there is no time to re-evaluate the Magna buyout of Opel, saying the bid is the automaker's only possible solution.

Opel’s future in jeopardy as Fiat skips talks

Fri, 05/29/2009 - 18:52 by Jamie Anderson

Berlin, May 29: The herculean efforts of German Chancellor Angela Merkel to salvage General Motor Corp’s (NYSE: GM) German unit, Adam Opel GmbH, may go in vain. Fiat SpA (BIT: F), one of the leading contenders to takeover Opel, has pulled out of crucial Friday talks.

Berlin talks to help automaker Opel fail

Thu, 05/28/2009 - 18:59 by Inderjit Singh

Berlin -- Talks in Berlin failed to secure a loan that would allow General Motors Corp.'s European operations to continue if GM files for bankruptcy, officials said.

German authorities were intent on securing a guarantee that about $2 billion in government aid would not be pulled out of the country if GM files for bankruptcy in the United States, The New York Times reported Thursday.

The negotiations between the U.S. Treasury Department, GM, and German officials lasted through the night. Afterwards, German economic minister Karl-Theodor zu Guttenberg said, "We don't have the assurances we need to approve a bridge loan."

Fiat, Magna race for Opel

Thu, 05/28/2009 - 16:43 by Jamie Anderson

Berlin, May 28: It's climax time for Adam Opel GmbH, popularly known as Opel. The race to gobble down the General Motor Corp’s (NYSE: GM) German unit has narrowed down considerably, with only two automakers in the takeover fray.

Fiat, GM deal could create global car giant

Mon, 05/04/2009 - 18:52 by Jamie Anderson

Turin, May 4: Italy’s Fiat SpA (BIT: F) is reportedly in talks with General Motors Corp’s (NYSE: GM) German unit Opel to stitch a deal wherein it would spin-off its car business from the rest of its operations and amalgamate it with the latter. The Turin based Fiat intends to spawn 80 billion euros in annual revenue if its alliance with Chrysler and GM’s European operations sees the light of the day.

Germany considers aid to Opel

Tue, 02/24/2009 - 23:40 by Shruti Sharma

Berlin -- Germany is considering a move to establish a line of credit for automaker Opel in spite of European Union concerns over protectionist economic policies.

Opel is expecting $3.3 billion from the German federal government and about $900 million from four German states where the company has a presence, the EU Observer reported Tuesday.

Without the aid, the carmaker could go bankrupt by May or June, German newspaper reports have said. If Opel folded, 25,000 jobs would be gone, the Observer said.
Germany's finance minister Peer Steinbrueck said it would be "more logical" to provide aid to the company, which would keep jobs and tax revenues going, than it would be to relegate workers to unemployment benefits.

But, concern about protectionism is on the rise. Friday, the European Commission voiced concern over Italy's aid for car, motorcycle and appliance producers. In Britain, France and Spain, other protectionist measures have been met with criticism.