GM plans 10,000 job cuts at Opel Nov 5, 2009
General Motors said Tuesday it was abandoning a project to sell Opel to Canadian auto parts manufacturer Magna International and state-owned Russian bank Sberbank, saying it would implement its own restructuring at the unit ... As GM struggled with bankruptcy, it initially agreed to sell a 55-percent stake in Opel and its British sister brand Vauxhall to Magna International and Sberbank. (Yahoo! Asia News)
Opel workers in Germany stage protests Nov 5, 2009
Thousands of the 25,000 employees from Opel's four German factories vented their frustration and anger at GM, which after months of negotiations decided Tuesday to scrap the sale of a majority in Opel to Canadian auto parts maker Magna International Inc. and Russian lender Sberbank. "Our trust (in GM) is now zero, and that is the heart of the problem," Klaus Franz, the head of Opel's employee council, told thousands of workers in Ruesselsheim, winning applause. (Atlanta Journal-Constitution -- Business)
Union Says GM Is Not Able to Restructure Opel Nov 5, 2009
Following months of negotiations, U.S. carmaker GM reneged on a tentative plan to sell a stake in Opel to a consortium led by Austrian-Canadian auto parts maker Magna International Inc. (MGA). -By Katharina Becker, Dow Jones Newswires; +49 69 29725 500; katharina. (SmartMoney)
GM's Opel Move Raises Anger, New Uncertainty Nov 5, 2009
General Motors Co. said Tuesday, Nov. 3, 2009 it will keep its European Opel unit and restructure it instead of selling a 55 percent stake to Canadian auto parts maker Magna International and its partner, Russian lender Sberbank ... The GM board's unexpected decision to call off the sale to auto parts maker Magna International Inc. and Russian lender Sberbank was a startling end to months of haggling in which Chancellor Angela Merkel and other German leaders had strongly backed the deal. (ABC News -- Wire)
GM Board Decides to Keep Opel Nov 4, 2009
The automaker will keep its long-struggling, German-based Adam Opel unit rather than sell it to Canadian parts maker Magna International () and Russian partner OAO Sberbank (). GM's board made the decision at its monthly meeting Nov. 3, reversing an agreement made in September. (BusinessWeek)
General Motors board decides not to sell Opel Nov 4, 2009
DETROIT - General Motors Co. said Tuesday it will keep its European Opel unit and restructure it instead of selling a 55 percent stake to Canadian auto parts maker Magna International and its partner, Russian lender Sberbank. GM's board of directors made the decision at a daylong meeting after determining that a 3 billion euros ($4. (MSNBC -- Business)
U.S. automaker GM decides to keep Opel Nov 4, 2009
CHICAGO, Oct. 3 (Xinhua) -- U.S. automaker General Motors Co.'s board of directors decided on Tuesday to retain its German Opel unit instead of selling it to Canada's Magna International Inc. and its Russian partner, Sberbank. The board based its decision, in part, on an improved business environment in Europe and GM's overall financial health and stability since emerging from bankruptcy court after receiving about 50 billion U.S. dollars in federal aid. (Xinhuanet, China)
The Clinton Foundation's donors Nov 4, 2009
SFX Sports Group on behalf of Magna International. $125,000. (Salon)
GM Board To Meet, Decide Fate Of Opel, Vauxhall Nov 3, 2009
The U.S. automaker's board of directors is scheduled to meet in Detroit and part of the agenda is whether to give final approval for Canadian car parts maker Magna International Inc. and Russian lender Sberbank to take a 55 percent stake in Adam Opel GmbH, cementing their selection by GM in September over a rival bid from private equity firm RJH International SA.. Under the terms of the deal, GM would transfer the 55 percent stake to the Canadian-Russian team and keep 35 percent, with the... (CBS News -- World)
GM Board to Weigh Opel's Future November 3 Oct 27, 2009
The auto maker has said it's still working toward a pact with parts maker Magna International Inc. (MGA) and Russia's OAO Sberbank (SBER.RS) but any deal faces scrutiny from European Commission officials concerned that this was the only option backed by crucial German government support. Moreover, there's still some chance GM could revisit the idea of keeping Opel, two people familiar with the board's thinking said, though that remains a less likely scenario. (SmartMoney)
Spain's Opel workers accept Magna job cuts plan Oct 27, 2009
Workers at the Opel auto plant in Spain voted Monday to accept a plan by Canadian auto parts maker Magna International that would see the loss of 900 jobs at the factory, unions said. MADRID (AFP) - Workers at the Opel auto plant in Spain voted Monday to accept a plan by Canadian auto parts maker Magna International that would see the loss of 900 jobs at the factory, unions said. (Yahoo! Asia News)
Charlemagne: A single-market celebration Oct 24, 2009
During a sale process overshadowed by electoral politics, the German government openly favoured a consortium involving Magna International, an Austro-Canadian car-parts maker; Sberbank, Russia s largest retail bank; and GAZ, Russia s second-largest carmaker. The dodgy industrial logic of Magna s plan, which would keep open all four Opel factories in Germany but trim production at more efficient ones in Spain, was, alas, electoral catnip to German politicians. (The Economist)
Maker of Electric Cars to Announce Plant Location Oct 21, 2009
The automaker's suppliers include Visteon Corp., TRW Automotive Holdings Corp., Magna International Inc. and EnerDel Inc.. The next-generation plug-in, called Project Nina, will sell for nearly $48,000 before a federal tax credit of $7,500 for plug-in hybrid vehicles and will be built at the U.S. facility with an annual production of about 100,000 vehicles. (ABC News -- Wire)
Innovative Composites International Inc. Announces Receipt of Final TSXV Bulletin in Respect of Its Qualifying Transaction and Provides Business Update Oct 20, 2009
Mr. Colburn has spent 28 years as general legal counsel at Magna International and brings a wealth of corporate governance experience to the board. 3. (CCNMatthews Press Releases)
Germany Tells GM State Aid Is Available for Any Opel Buyer, WSJ Reports Oct 20, 2009
GM reached an outline deal to sell Opel to a group headed by Magna International Inc. but Kroes expressed concern that the 4. 5 billion euros ($6. (Bloomberg -- Germany)
GM Ready to Keep Opel Control, Make Deeper Cuts, Wall Street Journal Says Oct 19, 2009
Oct. 19 (Bloomberg) -- General Motors Co. is prepared to retain control of its Opel unit and make deeper restructuring cuts if European Union concerns over the bidding process means its sale to Magna International Inc. doesnt complete, the Wall Street Journal reported, citing people familiar with the matter. EU Competition Commissioner Neelie Kroes wrote to Germanys Economics Minister Karl-Theodor zu Guttenberg and said GM should be allowed to reconsider the bidding process because of... (Bloomberg -- Germany)
Sale of Opel 'not threatened' by EU concerns over competition violations Oct 19, 2009
EU concerns about the sale of car maker Opel to Canada's Magna International could be addressed and did not put the deal at risk, German Economy Minister Karl-Theodor zu Guttenberg said at the weekend. The European Commission announced late on Friday that Competition Commissioner Neelie Kroes had written to Guttenberg voicing doubts about Germany's offer to provide e4. (Business Report, South Africa)
A walkout ends, and strikers find a changed world Oct 18, 2009
Canadian autoparts supplier Magna International Inc. along with Russia's state-owned Sberbank agreed to buy a 55 percent stake in Opel from General Motors last month, with each taking 27. 5 percent. (Fresno Bee -- Business)
Kuffour has nothing to apologise for about Vodafone deal Oct 18, 2009
As recent as May this year, the German Chancellor, Angel Merkel completed a commercial deal with Magna International, a Canadian car parts maker, which aimed to take over most of General Motors (GM) Europe. She was the chief negotiator involving deals between Magna International and Germany-based Opel. (Ghana Web, Ghana)
EU Commission concerned over German Opel aid Oct 17, 2009
GM is expected to sell a majority of Opel to Canadian auto parts maker Magna International and Russian lender Sberbank - a consortium heavily favored by Berlin - under a deal announced in September. Germany offered aid worth euro4. (The Star Online, Malaysia -- Business)
Opel deal possible this week: GM chief Oct 17, 2009
General Motors may sign a deal this week to sell its Opel unit to Canadian parts manufacturer Magna International, GM chief executive Fritz Henderson said Thursday. "We might see it signed this week," Henderson told a press conference, adding GM was working "very, very diligently" with its partners to try to finalise the deal. (Sydney Morning Herald -- Business)
Mobi PCS activates new Big Isle cell site Oct 16, 2009
GM CEO Fritz Henderson, at a Chinese dealership in Shanghai, said General Motors could finalize the sale of its German auto unit Opel as early as this week to Canadian auto parts supplier Magna International Inc.. Associated Press. (Honolulu Advertiser)
* GM could finalize sale of Opel this week: CEO Oct 14, 2009
FORGING AHEAD: Despite labor union objections over possible job losses, the sale of Opel and Vauxhall to Magna International should proceed, Fritz Henderson said AP , SHANGHAI Wednesday, Oct 14, 2009, Page 10 ... Despite labor union objections over possible job losses, the sale of GMs Opel and Vauxhall units to Canadian autoparts supplier Magna International Inc, which along with Russias state-owned Sberbank acquired a 65 percent stake in the German-based Opel from GM last month, is expected... (Taipei Times, Taiwan -- World)
Opel deal to be signed on Thursday: report Oct 13, 2009
The official signing to seal the takeover of General Motors' Opel unit by Canadian parts manufacturer Magna International has been delayed by two days and will be completed on Thursday, a German newspaper reported. The long-drawn out saga was supposed to be closed on Tuesday but further negotiations with union officials and questions of financing have pushed the signing back, business daily Handelsblatt said. (Sydney Morning Herald -- World)
GM chief says Opel sale may come this week Oct 13, 2009
Despite labor union objections over possible job losses, the sale of GM's Opel and Vauxhall units to Canadian autoparts supplier Magna International Inc., which along with Russia's state-owned Sberbank acquired a 65 percent stake in the German-based Opel from General Motors Co. last month, is expected to go ahead, Henderson told reporters. "It's quite possible that you'll see documents signed this week," he said. (OregonLive, OR -- Business)
GM's Vauxhall Seeks Two-Shift, 120,000-Car Production Guarantee From Magna Oct 10, 2009
Oct. 9 (Bloomberg) -- s Vauxhall unit said its seeking a pledge from prospective buyer Magna International Inc. that would guarantee production of the 120,000 cars a year necessary to keep its main plant profitable. The Ellesmere Port factory near Liverpool, England, needs that volume to operate two shifts a day and generate efficiencies to ensure its viability, , Vauxhalls human relations director, said in an interview. (Bloomberg -- UK)
UK, Spain baulk at funding Opel rescue Oct 10, 2009
There is a ``big distance'' to bridge before Spain will contribute to Opel's financing, Industry Minister Miguel Sebastian said today in Berlin after meeting with Siegfried Wolf, co-chief executive officer of Canadian auto-parts maker Magna International Inc., Opel's prospective buyer. Spain wants to ensure that Opel's largest plant in Figueruelas, which employs 7,000 people, doesn't lose out in a deal to keep four German sites open. (Sydney Morning Herald -- Business)
GM to review business plan for next two years Oct 9, 2009
CHICAGO, Aug. 21 (Xinhua) -- U.S. automaker General Motors Co. is expected to review final bids for its Opel subsidiary Friday amid mounting pressure from Germany to accept an offer from Magna International Inc.. A G.M. logo is seen behind an Opel logo at the Opel plant of Antwerp August 21, 2009. (Xinhuanet, China)
CAPREIT Appoints New Chief Financial Officer Sep 30, 2009
Prior to joining MI Developments, he was Vice-President of Corporate Development at Magna International Inc., an Associate Director in the Mergers and Acquisitions group at Scotia Capital Inc., and a Senior Associate at Coopers and Lybrand (now PriceWaterhouseCoopers). He received his Juris Doctor and Master of Business Administration from the University of Toronto in 2001, and an Honours Bachelor of Commerce from the University of Ottawa in 1995. (CCNMatthews Press Releases)
Magna to Present Industrial Plan for Opel Oct. 7, Spanish Minister Says Sep 30, 2009
Sept. 29 (Bloomberg) -- Magna International Inc., the Canadian car-parts maker leading a group to buy General Motors Co.s Adam Opel GmbH unit, will present Oct. 7 its industrial plan for Opel, Spanish Industry Minister Miguel Sebastian said. Spain will wait to see the plan before deciding whether to offer financial support to Magna, Sebastian said. (Bloomberg -- Canada)
Fiat's Marchionne Says European Scrappage Incentives Should End Gradually Sep 30, 2009
Fiat SpA will let a contract expire under which Magna International Inc. builds Chrysler vehicles in Europe and move that production to a factory in Italy, the Wall Street Journal reported. Chryslers chief spokesman, declined to comment. (Bloomberg -- Europe)
German Election: Why Merkel's Tax-Cut Pledge Is a Hard Sell Sep 26, 2009
6 billion in government aid, Merkel helped convince GM in September to sell Opel to Canadian-Austrian auto parts maker Magna International (). But Magna has since disclosed that job cuts at Opel may be more severe than expected, while other European countries are enraged that Opel's German factories will probably suffer fewer layoffs than plants in Belgium, Britain, and Spain. (BusinessWeek)
U.K. Asks EU to Enforce State-Aid Rules on Jobs in Magna's Opel Takeover Sep 25, 2009
Sept. 24 (Bloomberg) -- U.K. Business Secretary asked the European Unions competition commissioner to enforce rules that prevent governments from using state aid to protect jobs during Magna International Inc.s takeover of s EU plants. There is a letter from Mr. Mandelson to European Competition Commissioner , Maud Olofsson, Swedens enterprise minister, told reporters in Brussels ahead of a meeting of EU industry ministers today. (Bloomberg -- Canada)
Thousands of European workers rally against sale of GM's Opel Sep 24, 2009
Under the terms of a deal announced earlier this month, GM agreed to sell its Germany-based Opel unit, which employs 55,000 workers in Europe, to Magna International, a Canadian auto-parts company, and Sberbank, the largest bank in Russia. Just weeks before national elections, German Chancellor Angela Merkel intervened directly to favor the Magna-Sberbank bid over rivals, after they indicated they would try to preserve jobs. (Christian Science Monitor)
Goldman investment boost for Chinas Geely Sep 24, 2009
Geely Group has also approached Magna International about a potential production partnership on General Motors European brand Opel, a source familiar with the matter told Reuters last week. For Goldman, which could end up with 15. (The Star Online, Malaysia -- Business)
Mandelson Urges EU to Prevent State-Aid `Subsidy War' Over GM-Magna Deal Sep 19, 2009
Sept. 18 (Bloomberg) -- called on the European Union to intervene to prevent governments using state aid as a bargaining chip to protect jobs during Magna International Inc.s takeover of s EU plants. State aid rules are probably our most important check against a subsidy war between governments pressured to protect jobs during a recession, the U.K. Business Secretary, a former EU Trade Commissioner, said. (Bloomberg -- Europe)
Russian Automaker to Get GM Technology From Opel Sep 18, 2009
GM said Sept. 10 that it had agreed to cede a 65 percent stake in the German-based Opel to Canadian auto parts supplier Magna International Inc. and Russia's state-owned Sberbank. GM keeps 35 percent and Opel's workers get 10 percent. (ABC News -- Wire)
Geely, Magna hold talks on Opel partnership Sep 18, 2009
SHANGHAI/NEW YORK: Chinas Geely Automobile Holdings has approached Magna International about a potential partnership on car maker Opel, a source familiar with the matter said yesterday, marking the Chinese automakers latest attempt to chase a Western brand. Talks between the Chinese automaker and the Canadian auto parts supplier included the possibility of Geely taking a stake in Opel, but Magna is refraining from any such partnership for now, said the source, who declined to be identified... (The Star Online, Malaysia -- Business)
Frankfurt Auto Show opens Sep 18, 2009
Merkel defended the government's stance on German carmaker Opel, in which Canadian car parts maker Magna International Inc. and Russian lender Sperbank will take over a 55 percent stake - a solution the government had long lobbied for. The government - which is providing some euro6 billion (nearly $9 billion) in bridge financing and loan guarantees to the new company - was criticized for not considering other bidders. (AZCentral -- Business)
Mo. man builds his own pickup truck from scrap Sep 16, 2009
As many as 10,500 Opel jobs in Europe could be cut, nearly half of them in Germany, the co-chief executive of Magna International Inc. said Monday, plans that are drawing criticism in countries where the automaker has operations. Speaking to reporters in Frankfurt, Siegfried Wolf said part of his company's plan for General Motors Co.'s European unit envisions about 4,500 possible job cuts in Germany, where Adam Opel GmbH is based, under plans outlined in July. (Fresno Bee)
Carmakers Plug In At Frankfurt Auto Show Sep 16, 2009
While GM has announced plans to sell 55 percent of its European subsidiary to parts supplier Magna International, it will keep a minority stake so it can keep on developing small and medium sized cars with Opel ... " city car. Daimler AG, which has been testing an electric version of its two-seater Smart, is working with California-based electric car maker Tesla Motors Inc. on developing better battery and electric drive systems. Ford Motor Co. will also offer an all-electric commercial van in... (KSBW 8, CA)
Opel Restructuring Plan Sought by EU as Magna Says 10,500 Jobs May Be Cut Sep 15, 2009
German guarantees backing GMs plan to sell a majority stake in Opel to Canadian car-parts maker Magna International Inc. must be based on economics and business reasons, Todd said. Magna Co-Chief Executive Officer said he expects the elimination of about 10,500 jobs at Opel. (Bloomberg -- Canada)
Thousands of Opel jobs in Europe could be cut Sep 15, 2009
FRANKFURT - As many as 10,500 Opel jobs in Europe could be cut, nearly half of them in Germany, the co-chief executive of Magna International Inc. said Monday, plans that are drawing criticism in countries where the automaker has operations ... Last week, General Motors Co. agreed to sell 55 percent of the unit to Canada's Magna International and Russian lender Sberbank in a 50-50 split. (MSNBC -- Business)
Hearing Tuesday in Magna Entertainment bankruptcy Sep 15, 2009
General Motors Co. will sell European unit Opel to Canadian auto parts maker Magna International and Russia's Sberbank in a deal that preserves GM's ability to develop new cars with its longtime subsidiary ... As many as 10,500 Opel jobs in Europe could be cut, nearly half of them in Germany, the co-chief executive of Magna International Inc. said Monday, plans that are drawing criticism in countries where the automaker has operations ... BERLIN (AP) - General Motors Co. will sell European unit... (Fresno Bee -- Business)
Ontario Securities Commission Dismisses Minority Shareholder Applications Sep 15, 2009
MID is a real estate operating company engaged primarily in the acquisition, development, construction, leasing, management, and ownership of a predominantly industrial rental portfolio leased primarily to Magna International Inc. and its subsidiaries in North America and Europe. MID also acquires land that it intends to develop for mixed-use and residential projects. (PR Newswire)
Automakers offer new electric cars at Frankfurt Sep 15, 2009
While GM has announced plans to sell 55 percent of its European subsidiary to parts supplier Magna International, it will keep a minority stake so it can keep on developing small and medium sized cars with Opel. The Astra uses an architecture Opel developed for GM to use in small cars worldwide, including the Volt. (MSNBC -- Business)
EU Warns Against Protectionism in Opel Sale Sep 13, 2009
General Motors Co. said Thursday that Canada's Magna International Inc. and Russian lender Sberbank would take a majority stake in GM's European subsidiary Adam Opel GmbH, leaving the U.S. automaker with a minority stake that will enable it to continue developing vehicles with Opel ... GM announced Thursday that a majority of Opel would be sold to Canadian auto parts maker Magna International Inc. and Russia's Sberbank, which Germany had pushed hard for. (ABC News -- Wire)
Opel deal could bring Russian economy in from cold Sep 12, 2009
Many GM executives were initially wary of the Berlin-backed consortium that they finally chose to do business with, made up of Magna International, a Canadian auto-parts company, and Sberbank, the largest bank in Russia. They considered others buyers, as well simply allowing Opel to fail. (Christian Science Monitor -- World)
Europe shares rise for 6th day; banks, miners gain Sep 12, 2009
In industry news, Canadian automotive supplier Magna International promised to ringfence its Opel operations once it takes control of the former General Motors carmaking unit. GM's board has agreed to sell Magna and its Russian partner Sberbank a 55 percent stake in Opel in a deal that is supposed to close by the end of November. (Business Report, South Africa)
Meltdown 101: GM gambles on money-back guarantee Sep 12, 2009
Board members also were discussing if GM should accept bids from a consortium of Magna International Inc. and Russia's Sberbank or a competing offer from RHJ International, a Brussels-based investment house. DETROIT -- For years, General Motors Co. and its Detroit rivals have argued that their cars are as good as or better than those made by Japanese brands, but consumers either didn't believe them or didn't hear the message. (Fresno Bee -- Business)
Trade, jobless claims figures raise optimism Sep 12, 2009
BERLIN General Motors Co. will sell European unit Opel to Canadian auto parts maker Magna International and Russia's Sberbank in a deal that preserves GM's ability to develop new cars with its longtime subsidiary. The announcement yesterday was a politically charged win for German Chancellor Angela Merkel, who saw the deal as the best chance to save jobs at a major employer less than three weeks before national elections on Sept. 27. (Honolulu Advertiser)
GM says Magna, Sberbank to acquire Opel Sep 11, 2009
General Motors Co. said Thursday that a consortium of Canada's Magna International Inc. and Russian lender Sberbank would acquire a majority stake in its European subsidiary Opel. The deal was cheered by German Chancellor Angela Merkel, who saw it as a jobs saver ahead of Sept. 27 national elections. (MSNBC -- International)
Business Highlights Sep 11, 2009
BERLIN (AP) General Motors Co. will sell European unit Opel to Canadian auto parts maker Magna International and Russia's Sberbank in a deal that preserves GM's ability to develop new cars with its longtime subsidiary. The announcement Thursday was a politically charged win for German Chancellor Angela Merkel, who saw the deal as the best change to save jobs at a major employer less than three weeks before national elections on Sept. 27. (ABC News -- Wire)
GM offeres buyers money-back guarantee Sep 11, 2009
MILWAUKEE --- Looking to regain consumers' trust, General Motors Co. said Thursday that new car buyers will be able to return their vehicles within two months of purchase for a full refund, part of a long-awaited new marketing campaign for the biggest American automaker. The effort will begin next week, seeking to make connections again with American consumers who may be leery of the company since it filed for Chapter 11 bankruptcy protection earlier this year. (The Augusta Chronicle)
GM to sell off Opel Sep 11, 2009
BERLIN, Sept. 10 (Xinhua) -- U.S. carmaking giant General Motors (GM) is to sell off a majority stake in its European offshoot Opel to a consortium led by the Canadian-Austrian auto parts group Magna International, German government announced on Thursday. CHICAGO, Aug. 21 (Xinhua) -- U.S. automaker General Motors Co. is expected to review final bids for its Opel subsidiary Friday amid mounting pressure from Germany to accept an offer from Magna International Inc.. (Xinhuanet, China)
GM Will Sell Opel to Magna After All Sep 11, 2009
After all the wrangling and hardball played by GM's board, the company still ended up accepting a deal that, if finalized, will sell a controlling stake in Opel to Canadian parts maker Magna International (), GM said on Sept. 10. GM's board on CEO Frederick A. "Fritz" Henderson's recommendation in late August to sell a controlling stake to Magna because directors didn't like some provisions they saw. (BusinessWeek)
GM Recommending Opel Sale to Magna: Sources Sep 11, 2009
LONDON -(Dow Jones)- General Motors Co.'s board of directors has recommended selling German unit Adam Opel GmbH and its U.K. sister company Vauxhall to a consortium led by Canadian car-parts maker Magna International Inc. (MGA), people familiar with the matter told Dow Jones Newswires Thursday. The Opel Trust said it will host a press briefing at 1415 GMT to announce a decision on the chosen investor for Opel and Vauxhall. (SmartMoney)
GM Board Shakes up Management, Moves on Opel Sep 10, 2009
A group led by Canadian auto group Magna International has a promise for the financial backing of the German government to take control of Opel. Brussels-listed RHJ International has a rival bid that GM management has said would be easier to implement. (ABC News -- Wire)
Opel Works Council Chief Expects GM Decision Today Sep 10, 2009
Board members also discussed whether GM should accept bids from the consortium of Magna International Inc. and Sberbank or a competing offer from RHJ International, a Brussels-based investment house. Any GM board recommendation would have to be approved by the trust overseeing Ruesselsheim, Germany-based Opel, whose brands also include Britain's Vauxhall. (ABC News -- Wire)
* Labor awaits Opel decision Sep 10, 2009
German officials, Opel workers and unions have declared support for the offer from Canadian auto parts maker Magna International Inc and Russian state-backed bank Sberbank, because they believe Magna would preserve more jobs in Germany. The other bid is from RHJ International, a Brussels-based investment house, which many in Germany fear could sell the unit back to GM at a later date. (Taipei Times, Taiwan -- World Business)
GM May Face Opel Standoff Sep 9, 2009
If the board chooses not to accept a bid from Canadian parts maker Magna International () and its Russian partner, OAO Sberbank (), a very complex drama will unfold. Every one of GM's options is laden with problems. (BusinessWeek)
GM Board Weighs Cost to Keep Opel Unit Sep 9, 2009
But last month the newly appointed GM board declined to endorse a plan to sell the operations to a group led by Canadian auto-parts group Magna International that has the backing of Germany's government. Instead, the 13-member board asked GM management led by Chief Executive Fritz Henderson to return with more information on two alternatives to the Magna deal. (ABC News -- Wire)
GM Not Getting `Massive' Pressure From U.S. on Opel, Steinbrueck Says Sep 6, 2009
Steinbrueck said the German government wants GM to take a decision soon, still prefers Magna International Inc. as a potential buyer and has focused its readiness to provide aid on Magna. Last Updated: September 5, 2009 11:59 EDT. (Bloomberg -- Germany)
Germany's Steinbrueck Says U.S. May Hold Back From Influencing Opel Sale Sep 6, 2009
The decision would embarrass the German government, which is pushing GM to sell Opel to a group led by Canadas Magna International Inc. and including Russias OAO Sberbank and OAO GAZ, billionaire vehicle maker. Steinbrueck said Germany has focused its readiness to provide aid on Magna. (Bloomberg -- US)
Germany: Politics won't rule GM's sale of Opel Sep 6, 2009
Steinbrueck said he told U.S. Treasury Secretary Timothy Geithner once again that the German government favors a bid by Canadian car parts maker Magna International Inc. and Russia's state-owned Sberbank over Belgian investor RHJ International. The U.S. won't get involved in GM's decision, which could come at a board meeting on Tuesday, he said. (The Star Online, Malaysia)
