GM to sell Opel to Magna by end of November
The General Motors board has chosen to sell 55 per cent of its European subsidiary Opel/Vauxhall to Canadian parts manufacturer Magna International and its Russian partner Sberbank by November 30th.
A senior executive from General Motors said it should close a deal with Magna and Sberbank by the November deadline.
“I see no obstacles [...]
GM still wants to sell Opel; Germany
Germany believes the management of General Motors Company is still committed to finding a buyer for its European unit Opel/Vauxhall, government officials said after talks with the US carmaker in Berlin.
At a meeting last Friday, GM’s board of directors postponed a decision on management’s proposals to relinquish a controlling stake in Opel either to Canadian [...]
GM angers Germany over Opel decision
The game of brinkmanship that General Motors has been playing over the future of its loss-making European subsidiary, GM Europe, which makes Opel and Vauxhall vehicles, has started to unravel it would seem.
GM has been suggesting for more than a week that it was about to decide between two suitors for Opel/Vauxhall and would announce [...]
GM pushing to conclude Opel sale
General Motors Company has no intention of reopening the sale process for its European operations, which build Opel and Vauxhall vehicles, and remains intent on reaching a deal with one of the two remaining bidders as quickly as possible.
GM Chief Financial Officer Ray Young said the company was looking to wrap up the Opel/Vauxhall sale [...]
Magna offers more for Opel/Vauxhall
Canadian car parts maker Magna International offered to increase the amount of upfront capital it would invest in Opel/Vauxhall as part of a bid for the General Motors’ European unit, several sources have said according to Reuters Newsagency.
The revised bid leaves the total proposed amount at some 500 million euros (US$714 million), but tilts the [...]
Bidder could sell Opel back to GM
July 27, 2009 by David Twomey
Filed under Car News, GM, Hyundai, Industry, Mercedes-Benz, Opel, vauxhall
In a move that flies in the face of the expressed opinions of the German government, which controls the purse strings and the essentially the process on the future of General Motors troubled European unit, one bidder is reported to have acknowledged it could sell Opel/Vauxhall back to the US company.
RHJ International, a bidder for [...]
Germany, GM disagree on Opel future
Canadian car parts maker Magna is still Germany’s preferred partner to take a majority stake in GM Europe, Chancellor Angela Merkel has said, setting the stage for a showdown with General Motors over the takeover bids.
Officials from the German government and GM discussed the three offers for the loss-making European subsidiary that builds Opel and [...]
No decision soon on GM Europe
July 22, 2009 by David Twomey
Filed under Car News, Industry, Opel, vauxhall
Newsagency reports indicate that a meeting in Berlin later today will not resolve the future of the loss-making GM Europe subsidiary of General motors
The meeting between US carmaker General Motors and German government officials will not yield a decision on which bidder will succeed in taking a stake in the company that produces Opel and [...]
GM gets three final bids for Opel
General Motors said Monday that it had received three binding takeover offers for Opel that it would consider together with the European countries that would be affected by the deal.
In a surprise move, the once heavily favoured consortium of Magna International Inc. and Sberbank changed its plans at the last minute and agreed that they [...]
Opel/Vauxhall future decided soon
While General Motors thrashes out the intricacies of its future in a US bankruptcy court, across in Europe the future of its loss-making Opel/Vauxhall subsidiary also hangs in the balance.
It seems increasingly likely that a majority chunk of GM Europe will end up in the hands of Canadian car parts maker Magna International and its [...]
GM/Magna set target for Opel sale: report
General Motors and Magna International have set themselves a target of agreeing to the sale of a majority stake in GM loss-making European operations by July 15 sources close to the Canadian auto parts group and its Russian partner Sberbank, have told Reuters newsagency.
“There was an agreement that Magna and GM on July 15 should [...]
