Nov 3rd, 2009 - Washington Post
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The General Motors board voted Tuesday to keep its Opel division, abruptly reversing an earlier decision to sell a majority stake in the European automaker to Magna International and its partner, a Russian bank.
The announcement came on a day when GM posted a 4 percent gain in U.S. auto sales, its first year-over-year increase in 21 months.
Citing an improving economy and the strategic importance of Opel's compact car technology, GM pulled back from a deal that had been under negotiation since May and which had received the backing of Germany's Chancellor Angela Merkel. Merkel had personally been involved in talks, offering substantial German government financial aid in return for assurances that jobs in Germany would be protected.
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Two Days of Talks Said to Sway GM Board, Chief on Opel's Value
Nov 4th, 2009 - Bloomberg
Nov. 4 (Bloomberg) -- General Motors Co.’s board began ameeting poised to sell most of Opel to Magna International Inc.and scrapped the deal after concluding that the money-losingunit could be saved...
GM cancellation of Magna sale raises new uncertainty over Opel, infuriates German politicians
Nov 4th, 2009 - WashingtonExaminer
BERLIN — General Motors Co.'s decision to scrap the sale of European subsidiary Opel raised new uncertainty Wednesday over the unit's future, astonishing politicians in Germany and Russia...
Germany fumes over GM ditching Opel sale to Magna
Nov 4th, 2009 - Forbes
BERLIN -- Germany's politicians fumed with anger and Opel workers canceled cost concessions and readied walkouts after General Motors Co. abandoned the sale of its European subsidiary to parts maker Magna International and Russian lender Sberbank.
GM cancelation of Magna sale raises new uncertainty over Opel, infuriates German politicians
Nov 4th, 2009 - StarTribune
BERLIN - General Motors Co.'s decision to scrap the sale of European subisidiary Opel raised new uncertainty Wednesday over the unit's future, astonishing politicians in Germany and Russia and prompting workers to plan walkouts in protest.GM facing walkouts, anger after canceling Opel sale to Magna
Nov 4th, 2009 - USA Today
BERLIN (AP) — Germany's politicians fumed and Opel workers canceled cost concessions and readied walkouts after General Motors canceled the sale of its European subsidiary to parts maker Magna International and Russian bank Sberbank.
Related videos from YouTube:
3:23Opel deal crash: Rage as GM plans 10,000 job cuts
General Motors has confirmed that it will cut ten thousand jobs across Europe at its Opel unit. Workers in Germany say they will protest the decision. This comes a day after GM abandoned plans to sell Opel to a consortium of Canadian firm Magna and Russia's Sberbank.
6:01Max Keiser on GM: US predators sacrifice workers as lambs
The United States does not value jobs and trade unions; General Motors cut ten thousand jobs across Europe at its Opel unit in favour of Christmas bonuses. That's the view of Max Keiser, finance critic and former stockbroker. ...
3:29Joy for Merkel as Opel Jobs Secured
STRATFOR : www.stratfor.com German Chancellor Angela Merkel wins an important battle two weeks before elections, as General Motors agrees to sell a majority stake in its German subsidiary to Canadian company Magna and a Russian bank ...
1:34GM under Barack Obama plans to cut 10,000 jobs at Opel in terror behaviour
GM plans to cut 10000 jobs at Opel Struggling US carmaker General Motors delivered a second day of bad news on Wednesday, announcing that it will cut 10000 jobs at its European division Opel, after the shocking disclosal the day before that it would no longer be selling the brand.
