6 Articles
BREAKING: GM board opts to call off Opel sale

After months of negotiations with supplier Magna and its Russian partner Sberbank, General Motors has decided not to sell its Opel unit. The General mentioned in the post-jump press release that the new board of directors came to the decision to keep Opel due to GM's recovering financial situation coupled with an improving business environment in Europe. GM's move to keep Opel comes just o

Opel fate still up in the air as Russian involvement reportedly complicates Magna offer

Over on General Motors' Europe "Driving Conversations" blog, VP John Smith has posted an update on the company's negotiations to sell a majority stake in Opel and Vauxhall. Although no final decision has been made yet, it's looking increasingly likely that the previous tentative agreement with Magna International may be usurped by a bid from RHJ International. This, despite the fact that the German government has been favoring the Magna bid because of the suppliers commitment to preserving jobs

German economics minister reportedly says no to Opel buy-back option for GM

One of the many clauses that General Motors is reportedly trying negotiate into any deal involving majority control of Opel is the option to eventually buy back the stake it is selling.

German government approves majority sale of Opel to Magna, Russians

With General Motors expected to file for chapter 11 bankruptcy protection in New York on Monday morning, negotiators in Germany scrambled to finalize a deal to save Opel from insolvency. Following a six-hour meeting in the German Chancellor's office in Berlin on Friday evening, a deal was finally announced by finance minister Peer Steinbrueck. Although an overall deal to transfer control of Opel from General Motors was reached, details are still being worked out and a final contract won't be sig

REPORT: Opel's 'preferred' buyer(s) expected to be named mid-week

It looks like the German government is about to announce its list of preferred bidders for Opel this week, and the list is likely to include Fiat and Magna. Why would this list be coming from Chancellor Angela Merkel's spokesman and not, say, GM? Because the German gover

REPORT: Magna could use Opel to produce vehicles for other automakers

General Motors is very close to selling its Opel unit, with Canadian supplier Magna and Italian automaker Fiat among the suitors. If Magna and its Russian partners Gaz and Sberbank scores the winning bid for Opel, the p