Opel unveils new Astra; Magna exec believes EU won't block deal to buy stake from GMSeptember 15th, 2009 Magna exec says EU won't block Opel dealFRANKFURT — The co-chief executive of Magna International Inc. said Tuesday that he doesn't believe the European Union will block his company's acquisition of a majority stake in Opel.
EU warns against protectionism in GM sale of OpelSeptember 12th, 2009 EU warns against protectionism in Opel saleBERLIN — The European Union's competition commissioner warned in comments published Saturday that she would take action against any protectionism in the sale of General Motors Co.'s European unit, Opel. The Belgian government wants the EU Commission to investigate the Adem Opel GmbH deal amid concern that Germany may have sought to protect its own plants at the cost of others.
EU warns action will be taken against protectionism in GM's sale of car unit OpelSeptember 12th, 2009 EU warns against protectionism in GM sale of OpelBRUSSELS — The European Union's competition commissioner has warned she will take action if there is any protectionism in the sale of General Motors Co.'s European unit Opel. The Belgian government says it wants the EU Commission to investigate the Opel deal amid concern that Germany allegedly sought to protect its own plants at the cost of others.
Sources: GM to pick Magna for Opel investment, press conference scheduled this afternoonSeptember 10th, 2009 Sources: GM to pick Magna for OpelBERLIN — Two German officials told The Associated Press on Thursday that General Motors Co. will recommend selling its Opel unit to Canada's Magna International Inc.
Opel Trust approves sale of majority stake of GM European unit opel to Magna, SberbankSeptember 10th, 2009 Trust approves GM deal of Opel to Magna, SberbankBERLIN — The Opel Trust has given its approval for the sale of General Motors Co's European unit Opel to a consortium of Magna International Inc. and Russian lender Sberbank.
German Chancellor Merkel confirms, welcomes GM decision to sell Opel to MagnaSeptember 10th, 2009 Germany's Merkel confirms Opel sale to MagnaBERLIN — Chancellor Angela Merkel is welcoming General Motors Co.'s decision to sell Opel to Canada's Magna International Inc. She told reporters Thursday that GM chief executive Fritz Henderson had informed her office of GM's plans.
Opel decision could come from GM board meeting; Germany eager to know outcomeSeptember 8th, 2009 GM board meeting could decide Opel fateFRANKFURT — General Motors Co.'s board is beginning a two-day meeting that could see it decide the fate of its German unit Opel, with German business leaders and politicians hoping any solution preserves jobs. GM has two primary bids for the Ruesselsheim-based Adam Opel GmbH, with German officials, Opel workers and unions endorsing one from Canadian auto parts maker Magna International Inc.
German government official says GM decision on Opel at least week and a half offAugust 28th, 2009 Germany: GM decision on Opel probably weeks awayFRANKFURT — Any decision on the fate of General Motors Co.'s European unit Adam Opel GmbH is still probably weeks off, a German government spokesman said Friday. A decision on what GM does with the unit, which includes its British sister brand Vauxhall, would take at least a week and a half, as GM's board is due to meet on Sept.
Germany to offer 4.5 billion credit for Magna bid to takeover Opel carmakerAugust 19th, 2009 Germany to offer 4.5B credit for MagnaBERLIN — Germany's economy ministry says the country is prepared to make €4.5 billion ($6.35 billion) in credit available to a Canadian-Russian consortium in the bidding war to take over Ruesselsheim-based carmaker Adam Opel GmbH. The ministry confirmed Wednesday comments by Deputy Economy Minster Jochen Homann, saying the German government had informed General Motors Co.
GM exec: No preferred bidder for Opel yetJuly 29th, 2009 GM exec: No preferred bidder for Opel yetBERLIN — The chief negotiator for General Motors Co. says there is no preferred bidder for Germany's Opel — though the negotiations are "coming to a point of decision."
John Smith, GM's group vice president and chief negotiator on the sale of Opel, writes in the company's blog that "despite media reports to the contrary, GM has NOT specified its preference for a bidder."
Smith's post said that GM is still in talks with a consortium of Magna International Inc.
Opel works council prefers Magna offer; demands more say in processJuly 27th, 2009 Opel workers want say in sale, prefer Magna bidFRANKFURT — The workers' council at Opel and the country's largest industrial union said Monday they preferred a bid for the German car company from a consortium led by Canadian auto parts maker Magna International Inc., but wanted more say in the process. In a joint statement, the council and IG Metall union said the Magna proposal was "closer to the expectations of workers' representatives" than other bids but that it seeks "improvement and negotiation requirements" in all offers.
GM Europe still favors Magna for Opel, despite confirming Beijing Automotive Industry bidJuly 8th, 2009 GM Europe still favors Magna for OpelFRANKFURT — A GM Europe spokeswoman said Wednesday negotiations for the sale of General Motors Corp.'s Opel to Canadian autoparts maker Magna International Inc. were "further along," while confirming it had received a bid from China's Beijing Automotive Industry Corp.
Fiat remains interested in Opel despite moves on Magna dealJune 5th, 2009 Fiat still interested in OpelMILAN — Fiat CEO Sergio Marchionne said Friday that the Italian automaker hasn't given up on Germany's Opel, even though a tentative Opel takeover deal by rival bidders Magna International Inc. and Russia's Sberbank was moving ahead.
Canadian Magna chairman Stronach expects Opel to turn profit in 4 yearsJune 2nd, 2009 Magna chairman: Opel to turn profit in 4 yearsOTTAWA — Magna International Inc. chairman Frank Stronach says he expects the newly acquired Opel unit in Germany will break even in three years and turn a profit in four years.
German states put final touches on deal with Magna on Opel, approving bridge financingMay 31st, 2009 German states approve Opel fundingBERLIN — Two German states on Sunday agreed to support a euro1.5 billion ($2.11 billion) bridge loan for General Motors Corp.'s Opel unit, putting the final touches on a deal with Canada's Magna International Inc. to acquire the automaker.
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