GM's board declined to name a winning bidder for the Open brand last Friday as was expected. Instead the automaker decided to ask the German government more information about state financing for the buyers.
The German government has been pressuring GM to announce the sale of Opel to Magna and its Russian partners, since it would mean that more jobs would stay in Germany. Although it seems that GM is preferring a sale to Brussels-based financial investor RHJ International. So rather than announce the sale on Friday, GM's board wanted to find out how much money RHJ would get from the government if they were chosen. It's also being reported that the reason that GM is keen on selling Opel to RHJ is because it would include a buy-back option.
Either way the German government is not happy about the delay and Opel's labor leader Klaus Franz has threatened "spectacular measures" if a decision is not made this week.
Full Story: Reuters
| « Previous | Next » |
Comments (8)
Or GM can just have Opel file Bankruptcy out of Germany and then shut down all production in Germany. Bankruptcy is gaining support with other European countries and apparently some are willing to bank roll it. Opel would then sell its good parts to GM Daewoo, which would then control Opel, Vauxhall, and Chevy Europe.
Germans picked the wrong company to play hardball with.
Posted by Avatar | August 24, 2009 9:29 AM
Posted on August 24, 2009 09:29
i cant believe GM doesnt bring the opel styling to the US because it blows every other general motors car out of the water!! ....then again its GM, so what do you expect?
Posted by Phil | August 24, 2009 10:01 AM
Posted on August 24, 2009 10:01
Um, they did Phil. It was called Saturn....
Sky = Opel GT
Aura = Insignia
Vue = Antara
Astra = Astra
They only thing the Saturn has that Opel doesn't is the Outlook, which is only sold currently in North America and China (Enclave).
Posted by Avatar | August 24, 2009 10:51 AM
Posted on August 24, 2009 10:51
"Klaus Franz has threatened "spectacular measures" if a decision is not made this week"
I wonder what his comparison is?
Posted by wvo | August 24, 2009 1:02 PM
Posted on August 24, 2009 13:02
Avatar -
GM has NO bargaining power anywhere. They're hosed and missed their chances to get their game together. It's time to let go of GM and focus elsewhere. Do you seriously think they have time to sit around and wait for the best offer?
Posted by James | September 9, 2009 3:59 PM
Posted on September 9, 2009 15:59
Avatar -
GM has NO bargaining power anywhere. They're hosed and missed their chances to get their game together. It's time to let go of GM and focus elsewhere. Do you seriously think they have time to sit around and wait for the best offer?
Posted by James | September 9, 2009 3:59 PM
Posted on September 9, 2009 15:59
Avatar -
GM has NO bargaining power anywhere. They're hosed and missed their chances to get their game together. It's time to let go of GM and focus elsewhere. Do you seriously think they have time to sit around and wait for the best offer?
Posted by James | September 9, 2009 3:59 PM
Posted on September 9, 2009 15:59
Guess that's why a couple weeks later, another thread pops up saying the GM board is meeting again to decide what to do with, you guessed it, Opel....
Posted by Avatar | September 9, 2009 4:15 PM
Posted on September 9, 2009 16:15