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

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 [...]

GM Holden chief replaced

The sweeping changes in the General Motors management have filtered down to GM Holden with chairman and managing director, Mark Reuss, being replaced by his sales chief.

GM Holden announced this morning that 46-year-old Alan Batey, would take over the role from September 1.

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

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 [...]

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 [...]

Opel future hangs in the balance

The fate of Opel/Vauxhall, the beleaguered European subsidiary of General Motors, hangs in the balance after 12 hours of talks broke down with GM revealing the company needed an extra 300 million Euros (US$415 million) to survive.

By David Twomey in Berlin
At the same time the talks did narrow Opel’s suitors down to two companies, Italian [...]

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