According to Magna’s co-chief executive Siegfried Wolf, Magna International plans to cut as many as 10,500 jobs at Opel in Europe, with nearly half of those coming from Germany. Speaking to reporters at a press conference earlier today, Wolf said that the cuts were a part of the Canadian company’ plans for Opel. GM announced [...]
After months and months of debates and discussion, GM has finally announced today what it plans on doing with Opel. The Detroit automaker said that under a new deal, Magna/Sberbank will own a 55 percent stake in Opel, while GM will hold a 35 percent stake and employees will receive a 10 percent stake. GM [...]
General Motors Company has no intention of reopening the sale process for its Opel brand and wants to complete a deal with one of the two remaining bidders as soon as possible. CFO Ray Young said yesterday that the automaker is looking to wrap up the sale as quick as possible even though GM’s financial [...]
Chinese automaker Beijing Automotive (BAIC) has reportedly submitted a bid to buy a stake in General Motors’ Opel brand. The move challenges Canadian auto parts supplier Magna’s bid, which has reportedly been on the rocks as of recent. Sources familiar with the matter told Reuters, that BAIC submitted an indicative, non-binding offer for Opel and [...]
Fiat CEO Sergio Marchionne said that it’s existing bid for Opel was the best it could offer. His statement comes following conflicting reports about the status of Magna International’s deal to buy Opel for General Motors. “I don’t believe we could improve Fiat’s offer. It’s the most rational one we can put forward from an industrial [...]
It seems like Opel’s sale to Canadian auto parts group Magna International isn’t final just yet. According GM’s CEO Fritz Henderson, GM of Europe is willing to broaden discussions if necessary. “We’re just negotiating, we don’t have an exclusivity agreement (with Magna), so we are open to discussion with others,” Fritz said. ”We are spending a [...]
According to the chairman of Magna International, the Canadian auto parts company is banned from selling Opel cars in the U.S. and China. “The agreement with General Motors does prevent us from selling Opel in the United States,” Frank Stronach told reporters at a news conference in Ottawa. Prohibition on selling Opels in China might be [...]
GM of Europe announced today that it will continue to operate normally and is not included in the Chap. 11 bankruptcy filing made today by its U.S. parent. It said that it has secured approval for a €1.5 billion bridge financing agreement with the German government based on the partnership with Magna, which will allow for more time [...]
According to a report by Reuters, GM and Canadian auto parts group Magna International have reached a preliminary deal to invest in Opel, increasing hopes for a deal with the U.S and German governments to save the brand. The move also kills Fiat CEO Sergio Marchionne’s dream of building the world’s second-largest automaker consisting of GM’s European [...]
General Motors is one step closer to filing for the largest bankruptcy ever for a U.S. industrial company after bond exchange offers failed. On the other hand, the sale of GM’s European brand Opel isn’t going so well either as German officials ended talks earlier today without reaching a deal. The bidding war for Opel [...]
