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General Motors decides not to sell Opel

http://www.motorward.com

“GM will soon present its restructuring plan to Germany and other governments and hopes for its favorable consideration,” said Fritz Henderson, president and CEO. “We understand the complexity and length of this issue has been draining for all involved. However, from the outset, our goal has been to secure the best long term solution for our customers, employee, suppliers, and dealers, which is reflected in the decision reached today. This was deemed to be the most stable and least costly approach for securing Opel/Vauxhall’s long-term future.”

On a preliminary basis, the GM plan entails total restructuring expenses of about € 3 billion, significantly lower than all bids submitted as part of the investor solicitation. GM will work with all European labor unions to develop a plan for meaningful contributions to Opel’s restructuring. While Opel continues to outperform against its viability plan assumptions and immediate liquidity is stable, time is of the essence.

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Created by Dr Who 3 years 39 weeks ago – Made popular 3 years 39 weeks ago

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Germans Frustrated Over G.M. Keeping Opel

http://dealbook.blogs.nytimes.com

Feeling jilted after six months of negotiations, German officials reacted angrily Wednesday to General Motors’ decision to keep its European business, Opel, rather than sell a majority stake to a consortium backed by Berlin, The New York Times’s Nelson D. Schwartz, David Jolly and Bill Vlasic reported.

Expressing frustration with the U-turn, the new German economics minister, Rainer Brüderle, vowed to make the Detroit automaker repay the money that had already been lent. “We will get back taxpayers’ money,” he told reporters in Berlin, deeming G.M.’s move “totally unacceptable.”

Klaus Franz, the top labor leader at the company’s headquarters in Rüsselsheim, Germany, called it “a black day.”

“The path back to General Motors is something we won’t sign on to,” he added.

Opel workers, along with the German government, had strongly backed a sale to the Canadian-Austrian auto parts company Magna and Russia’s Sberbank, believing that would protect the most jobs. G.M.’s European operations include the Opel and Vauxhall brands.

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