Autoblog http://www.autoblog.com Autoblog http://www.blogsmithmedia.com/www.autoblog.com/media/feedlogo.gif Autoblog http://www.autoblog.com en-us Copyright 2009 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[Opel sale on hold, GM asked to have a word with EU Commission]]>http://www.autoblog.com/2009/10/26/opel-sale-on-hold-gm-asked-to-have-a-word-with-eu-commission/http://www.autoblog.com/2009/10/26/opel-sale-on-hold-gm-asked-to-have-a-word-with-eu-commission/http://www.autoblog.com/2009/10/26/opel-sale-on-hold-gm-asked-to-have-a-word-with-eu-commission/#commentsFiled under: , ,



The EU's Directorate-General for Competition (EUDGC) is looking at the Opel deal that should have been concluded already, and is asking questions of Germany and GM. Principally it is trying to resolve the issue of state aid; it was reported before that if Opel was purchased by Magna then the German government would provide financial assistance. However, if the bidder GM is said to have preferred, Belgian investment fund RHJ, won, then there would be no money coming from the German authorities.

The EUDGC wants to ensure that Magna was chosen for sound business reasons that had nothing to do with politics. It also wants to make sure that money promised to Magna was also clearly made available to other bidders. Lead GM negotiator John Smith said "The German Government was asked by DG Competition to communicate its position on financing availability to GM and the Opel Trust Board." And Germany's Economic Minister has asked GM to also tell the EU that it chose Magna based on reason and logic.

Meanwhile, GM continues to work with Magna on finalizing issues relating to the sale. No matter what happens with the EU, GM has to work with Magna right now because Magna is making decisions for Opel, such as whether to close down an Opel plant in Zaragoza, Spain. The EUDGC will want to complete its investigation in a timely manner, since having to unwind -- or redo -- what has taken six painful months to put together would be a massive blow to all involved.

[Source: GM Fastlane Blog via Automotive News - Sub. Req.]

Opel sale on hold, GM asked to have a word with EU Commission originally appeared on Autoblog on Mon, 26 Oct 2009 07:26:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>eu commissioneu competition commissionEuCommissionEuCompetitionCommissioneuropeEuropean CommissionEuropeanCommissiongeneral motorsGeneralMotorsgermanygmgm opelGmOpelopelMon, 26 Oct 2009 07:26:00 EST<![CDATA[Euro carmakers want billions in loans, too]]>http://www.autoblog.com/2008/10/05/euro-carmakers-want-strike-bailout-strike-billions-in-loans/http://www.autoblog.com/2008/10/05/euro-carmakers-want-strike-bailout-strike-billions-in-loans/http://www.autoblog.com/2008/10/05/euro-carmakers-want-strike-bailout-strike-billions-in-loans/#commentsFiled under: ,

Europe wants billions, tooThis week, Detroit got its $25B bailout loan approved by Washington, and according to The Wall Street Journal, European carmakers are making like this is a game of "Simon Says." The Journal reports that Fiat has proposed the idea of hitting up the European Commission for €40 billion ($55B USD) to help the European auto industry make the move to cleaner, greener cars ahead of the strict new emissions regulations currently being bandied about. Like we said, this rationale is very similar to the one Motown used to get its money.

Fiat's grand idea was presented to other automakers at the ACEA meeting on Friday, and according to a spokesman for the automaker, "All European carmakers agree on the [€40 billion] demand." What a shocker. Said demand hasn't been formally made to EC bigwigs yet, but the lobbying is obviously well underway.

[Source: The Wall Street Journal]

Euro carmakers want billions in loans, too originally appeared on Autoblog on Sun, 05 Oct 2008 11:07:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>120 g co2km120 gkm120GCo2km120Gkm40 billion40 billion euros40Billion40BillionEurosACEAbailoutco2 limitsCo2Limitseceuropean commissioneuropean commission co2EuropeanCommissionEuropeanCommissionCo2eurosfiatloanSun, 05 Oct 2008 11:07:00 EST<![CDATA[EU grants Porsche permission to purchase VW]]>http://www.autoblog.com/2008/07/24/eu-grants-porsche-permission-to-purchase-vw/http://www.autoblog.com/2008/07/24/eu-grants-porsche-permission-to-purchase-vw/http://www.autoblog.com/2008/07/24/eu-grants-porsche-permission-to-purchase-vw/#commentsFiled under: , , , ,



Porsche is one step closer to its goal of purchasing Volkswagen. Back in April of last year, the German automaker passed the 30-percent mark, forcing it to make an outright offer for The Volkswagen Group in its entirety, which it did. Not too many VW shareholders sold their stake to Porsche, as the bid was for the bare minimum amount allowed by law. Still, the legal requirement had been met, allowing Porsche to continue gobbling up the automaker according to its own timetable. Earlier this year, the VeeDub board approved a request by Porsche to obtain 51-percent of the company for some $15.73 billion, which would give it a majority stake. Before the house that Ferdinand built could complete its acquisition, the European Commission required it to make one last purchase, which took place in June of this year. Finally, the EU has granted its permission for the buyout.

This story is likely far from over, as the German State of Lower Saxony still claims a 20-percent stake in Volkswagen, which gives it certain rights to block decisions made by VW's new parents. Still, it seems that its only a matter of time before VW and Porsche are united under a different Ferdinand... Piech that is, grandson to Mr. Porsche himself.

[Source: Reuters]

EU grants Porsche permission to purchase VW originally appeared on Autoblog on Thu, 24 Jul 2008 10:28:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>eueuropean commissioneuropean unionEuropeanCommissionEuropeanUnionlower saxonyLowerSaxonyporscheporsche volkswagenPorscheVolkswagenvolkswagenvolkswagen lawVolkswagenLawThu, 24 Jul 2008 10:28:00 EST<![CDATA[European Union taking Germany to court over amended VW Law]]>http://www.autoblog.com/2008/06/06/european-union-taking-germany-to-court-over-amended-vw-law/http://www.autoblog.com/2008/06/06/european-union-taking-germany-to-court-over-amended-vw-law/http://www.autoblog.com/2008/06/06/european-union-taking-germany-to-court-over-amended-vw-law/#commentsFiled under: , , , , ,

In a move that may undermine Germany's protection of Lower Saxony and its close ties to Volkswagen, the European Commission plans to review the case of Volkswagen Law in the European Union's top court. As you may recall, Porsche has been trying to take majority control of rival Volkswagen. However, the so-called "Volkswagen Law" has protected VW from takeover by allowing the state of Lower Saxony (where thousands of VW jobs are at stake) to retain just enough stock in the company to prevent Porsche from capturing a majority vote. While the upcoming ruling may not only alter the ownership of Volkswagen, it also demonstrates the escalating authority that the European Commission has over once sovereign countries.

[Source: Automotive News Europe, subs. req'd]

European Union taking Germany to court over amended VW Law originally appeared on Autoblog on Fri, 06 Jun 2008 18:58:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>ControlEuropean CommissionEuropean UnionEuropeanCommissionEuropeanUnionLower SaxonyLowerSaxonyMajorityPorscheStockTakeoverVolkswagenVolkswagen LawVolkswagenLawFri, 06 Jun 2008 18:58:00 EST<![CDATA[E.U. officials clear sale of Jaguar, Land Rover to Tata]]>http://www.autoblog.com/2008/04/25/e-u-officials-clear-sale-of-jaguar-land-rover-to-tata/http://www.autoblog.com/2008/04/25/e-u-officials-clear-sale-of-jaguar-land-rover-to-tata/http://www.autoblog.com/2008/04/25/e-u-officials-clear-sale-of-jaguar-land-rover-to-tata/#commentsFiled under: , , ,

In what seems like an official bookend to the sale of Jaguar and Land Rover from Ford to Tata, the European Union, like the U.S. Federal Trade Commission, has given its official seal of approval to the deal. The E.U. had received no complaints regarding the impending purchase, so approval of the $2.3 billion deal had been expected. In fact, the "simplified procedure" used by the European Commission has never ended up with anything but acceptance. No more speed bumps appear ahead of the Indian automaker, which previously had specialized in small and inexpensive vehicles. Now that these formalities are over and done with, hopefully we can simply look forward to what an injection of cash can do to the two classic British marques.

[Source: Automotive News - sub. req'd]

E.U. officials clear sale of Jaguar, Land Rover to Tata originally appeared on Autoblog on Fri, 25 Apr 2008 15:32:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>european commissioneuropean unioneuropean-commissioneuropean-unionEuropeanCommissionEuropeanUnionjaguarland roverland-roverLandRovertataFri, 25 Apr 2008 15:32:00 EST