BREAKING NEWS:::::GM Throws Opel Deal Into Reverse

NOVEMBER 4, 2009

GM Throws Opel Deal Into Reverse

BY JOHN D. STOLL AND SHARON TERLEP

In a dramatic change of course, General Motors Co. is backing out of a deal to sell the company's European operations to car-parts supplier Magna International Inc., and now plans to spend billions to restructure the money-losing business itself.

The decision to keep control of Opel of Germany and its British sister company Vauxhall was made at a board meeting Tuesday in which the company's directors overruled Chief Executive Frederick "Fritz" Henderson, who had spent months negotiating the Magna agreement.

GM's change of heart reflects the car maker's increasing confidence about its outlook as well as the direction of its ...

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OPEL Ampera...Will get a full charge..!

GM Board Decides to Retain Opel

November 03, 2009

New GM supports restructuring of Opel

- GM restructuring plan involves lower investment compared to investor proposals

- Discussions with stakeholders on restructuring to begin in earnest

DETROIT – Given an improving business environment for GM over the past few months, and the importance of Opel//Vauxhall to GM’s global strategy, the GM Board of Directors has decided to retain Opel and will initiate a restructuring of its European operations in earnest.

“While strained, the business environment in Europe has improved.” Henderson said. “At the same time, GM’s overall financial health and stability have improved significantly over the past few months, giving us confidence that the European business can be successfully restructured. We are grateful for the hard work of the German and other EU governments in navigating this difficult economic period. We’re also appreciative of the effort put forward by Magna and its partners in Russia in trying to reach an equitable agreement.”

 MEDIA ONLINE

""Monday, October 26, 2009 

-Did spies steal GM secrets for rival? 

-GM Daewoo files car 'copying' action against TagAZ 

-More Delay for Sale of GM's Opel 

October 23, 2009

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**Here is what I had posted in my blog "Wheelsman" AFTER READING the above lines in the news:

Hey, these things been happening for the last 2 centuries... Nothing New. BUT particularly this news, at this very time sounds very much like a "1st phase of raising publicity" on a strong attempt of STOPPING the (potential) sale of OPEL to Magna Int. partnered with the RUSSIAN Sberbank. EU is already facing difficulties to carry on with this transaction... Some folks out there could be utilizing this delay to trigger an awareness among the public of the presence of a Russian investment within the scheme so that the sale falls thru and 1) Russians are STOPPED 2)GM gets to keep OPEL 3)GM falls short of getting the cash and keep on ailing(competitors wld luv that). Think about it..! 

Also GM may be seeking the option 2 here with a well designed plan; if thats the case, I fully support it..../MT**