Comments on: Opel/Vauxhall future decided soon

By: FrugalOne

FrugalOne — Mon, 06 Jul 2009 02:32:42 +0000

The Chinese carmaker BAIC has proposed taking a majority stake in GM’s European arm, Opel, with a bid worth 660 million euros.

The Chinese carmaker BAIC has proposed taking a majority stake in GM’s European arm, Opel, with a bid worth 660 million euros ($A1.16 billion), a move that could pep up negotiations for the unit.

BAIC put in a non-binding offer for GM’s Germany-based Opel arm late on Thursday, just before the deadline, according to China’s Guangzhou Daily newspaper, the Financial Times and Dow Jones Newswires.

German newspaper Frankfurter Allgemeine Zeitung reported that BAIC had sent a letter to several members of the German government proposing to take a 51 per cent stake in Opel, with state guarantees of 2.64 billion euros ($A4.65 billion).

In the letter, BAIC chief Xu Heyi pledged “no Opel factory in Germany will be closed”, though job losses were not ruled out, the paper said.

The Chinese company’s offer could put pressure on negotiations already underway for Opel.

The Russian state bank Sberbank is also in the bidding, in partnership with the Canadian auto-parts manufacturer Magna International.

The German government in May announced a rescue plan for Opel, in which 35 per cent of the firm would go to Sberbank and 20 per cent to Magna, but talks have since become bogged down.

According to the FT, RHJ International, a Brussels-based industrial holding linked to the US buy-out group Ripplewood, has also made a non-binding offer.

Fiat is also interested, but has pledged no cash for the stake.

The head of GM Europe has said he hopes Opel will be bought by Magna by mid-July, and that the Canadian firm has a “considerable lead” on other possible buyers, Frankfurter Allgemeine Zeitung reported.

“The only thing remaining is for the details to be agreed” between the two businesses, Carl-Peter Forster told the newspaper.

Forster also said the fact that “there are other candidates that stimulate the process can only help from the point of view of the seller, GM”, the paper reported.

By: mad max

mad max — Sun, 05 Jul 2009 10:26:33 +0000

I hope Opel are not bought by FIAT. FIAT are a typical Italian company, poorly run and continualy lurching from one crisis to another. They start distribution in a country and then a few years later, they are gone. They will drown in debt in the US. I noticed with interest that GM are trying to insert a buy back clause into the contract. Now that is of interest.
Hate to rain or your party guys but you can bet that there will also be a “non compete” clause in the contract as well. You can bet that who ever buys GM Europe will not be able to sell in countries where a particular New GM car is sold, i.e we might not see the Insignia here if it competes with a Holden. These sort of clauses are very common when any sort of business is sold.
I hope I’m wrong but…

By: jon

jon — Sun, 05 Jul 2009 00:50:33 +0000

Haha yeah sorry Charles I was at work and I shouldn`t of been on here and accidently sent my comment. But what I was going to add was I don`t agree, because with a Holden badge we would at least have it here in Australia and the fact we won`t is a dead set shame.

By: Kris

Kris — Sat, 04 Jul 2009 10:42:34 +0000

TSI – TATA would do a THOUSAND times better job than those geniuses at GM ever did in terms of running Open/Vauxhall. IF they were to buy them out, the company would retain the same name, they would not start calling the cars, TATA Insignia LOL. Like is said before, they are not as stupid as GM. People may not like it now, but India’s automotive industry is gaining momentum, and fast, get used to it :).

By: charles

charles — Sat, 04 Jul 2009 10:27:30 +0000

Mmmm thanks for that Jon you have written exactly the same as wat i did,your not very original, but you certainly seem to agree with me. But then again I`m wondering if you were going to add anything else?

By: TSI

TSI — Sat, 04 Jul 2009 01:37:04 +0000

Insignia and opel badge look much better than holden badge a lot.. or with fiat badge.. Um… interesting…. But pleast i hope not with TATA badge…

By: jon

jon — Fri, 03 Jul 2009 10:30:23 +0000

The sooner they get snapped up the better off they will be, looks like way to good of a car to be wearing a GM/Holden Badge anyway

By: charles

charles — Fri, 03 Jul 2009 10:27:29 +0000

The quicker they get snapped up the better off they will be, it looks like way to good of a car to be wearing a GM/Holden badge anyway.

By: Shak

Shak — Fri, 03 Jul 2009 09:44:58 +0000

Srry Jake i forgot to include Fiat.

By: Mumble Duck

Mumble Duck — Fri, 03 Jul 2009 09:38:11 +0000

I just thought of it now…………….but that means no more GM Europe?! No more GM Europe companies. Saab and Opel/Vauxhall gone.

By: Myke

Myke — Fri, 03 Jul 2009 09:26:33 +0000

^I agree Jake.
Everytime I see the new Insignia in pictures, it annoys me that we probably won’t see it here, same for all the new Opel products. Fiat is the only chance for Opel to be launched here Imo. I don’t see Magna going out of their way to launch Opel here, I maybe wrong, I hope I’m wrong.

By: Jake02

Jake02 — Fri, 03 Jul 2009 08:20:45 +0000

I actually hope Fiat snaps up Opel. Then Fiat really would be a world-dominating company, and then maybe the Opel/Vauxhall range could actually be introduced here as a brand apart from crappy Holden! I’d love to see the Insignia here, I feel it could telly sell well, and of course the Astra – it could sell just as well as when it was a Holden. Opel/Vauxhall need to get away from the evil that is GM, their cars are too good!

By: Shak

Shak — Fri, 03 Jul 2009 08:11:08 +0000

I reckon either TATA or that Russian group will snap up Opel/Vauxhall. And it’ll be to the benefit of the consumer as anyone will be able to run them better than GM did.