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 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.
AP sources: GM to recommend Magna for Opel investmentSeptember 10th, 2009 AP sources: GM recommends Magna for OpelBERLIN — Two German officials have told The Associated Press that General Motors Co. will recommend selling its Opel unit to Canada's Magna International Inc.
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 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 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.
Merkel: German government still negotiating with GM on Magna offer for OpelAugust 26th, 2009 Merkel: GM talks focused on Magna offer for OpelBERLIN — Chancellor Angela Merkel said Wednesday that Germany's talks with General Motors Co. over the future of its Opel unit are focused on Berlin's preferred bid, by Canadian auto parts maker Magna.
German government sees 'encouraging' signs of progress on OpelAugust 3rd, 2009 German government hopeful on OpelBERLIN — The German government said Monday that it sees "encouraging" signs of progress in negotiations on the future of auto maker Opel as it prepares for more talks with parent General Motors Co. and the two bidders.
GM exec: No specific preferred bidder for Opel yetJuly 29th, 2009 GM exec: No specified bidder for Opel yetBERLIN — The chief negotiator for General Motors Co. said that there is not yet a preferred bidder for Germany's Opel, though the negotiations are "coming to a point of decision."
In a post on the company's blog, John Smith, GM's group vice president and chief negotiator on Opel, wrote that "despite media reports to the contrary, GM has NOT specified its preference for a bidder."
Smith's comments, posted on drivingconversations.gmblogs.com, were confirmed by GM Europe on Wednesday.
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 exec says Opel talks to continue with Magna and RHJI, no mention of China's BAICJuly 23rd, 2009 GM exec: Opel talks continue with Magna, RHJIFRANKFURT — General Motors Co. said Thursday its talks over Opel's rescue will focus on the consortium of Canadian auto parts maker Magna International Inc.
German government begins reviewing final bids for Opel; decision not likely soonJuly 22nd, 2009 German gov't begins reviewing Opel offersFRANKFURT — The German government has begun reviewing offers for General Motors Co.'s Opel unit, officials said Wednesday, though its decision and the details of a deal are not expected soon. A government official, speaking on condition of anonymity because he is not permitted to talk to the media about the deals, said that GM and government officials were meeting in Berlin.
German government begins reviewing final bids for Opel; 4 German states like MagnaJuly 22nd, 2009 Germany reviews Opel offers; states like MagnaFRANKFURT — Germany's government on Wednesday began reviewing the offers for General Motors Co.'s Opel unit, with four states saying they preferred the consortium of Magna and Sberbank. The four German states where Opel has plants have strongly favored the consortium of Canadian auto parts maker Magna International Inc.
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.
AP source: GM, Magna, German gov't reach deal for Magna to become preferred bidder for OpelMay 29th, 2009 AP source: GM, Magna, German gov't near Opel dealBERLIN — General Motors Corp., the German government and Canadian auto parts maker Magna have agreed on the framework of a deal for Magna to take a majority stake in GM's Opel unit, a person briefed on the negotiations said Friday. Negotiators were working out the final details and an announcement could come within hours, said the person, who did not want to be identified because talks had not yet finished.
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