GM to unveil plans for Opel's future: report

AFP via Breitbart ^ | September 10, 2009 | N/A

[Jet Jaguar]

US automaker General Motors has called a press conference on Thursday in Berlin to unveil its plans for the German unit Opel, the head of Opel's works committee told German television. The GM briefing would take place at 1230 GMT, Klaus Franz told the public station ZDF, following a GM board meeting on Tuesday and Wednesday in the United States.

GM negotiator John Smith was to inform the German government of the US group's decision before the news conference.

Berlin still officially supports a bid for Opel by the Canadian auto parts maker Magna, backed by the Russian bank Sberbank, but they have not been able to finalise a deal with GM, which appears to want to hold on to Opel now.

Germany has thrown a financial lifeline to the automaker, which employs 25,000 people in the country and as many more elsewhere in Europe, and fears the announcement of layoffs just ahead of September 27 general elections.

According to a plan drafted earlier this year by GM and unveiled on Thursday by the Frankfurter Allgemeine Zeitung newspaper, GM plans to close its Belgian factory in Antwerp and two German plants in eastern Eisenach western Bochum.

Franz also backed Magna's bid, saying: "If reason and industrial logic carry the day, then Magna should win."

[This_far]

Swell. When can I write off my pre ZeroGM stock? (all I’m getting is class action suit letters)

[truth_seeker]

GM now wants to keep Opel, after arranging a sale?

More evidence of the awful management at GM, before and after nationalization.

No mention of Vauxhall; GM’s UK subsidiary, of of Holden; GM’s Australian subsidiary.

Holden held/holds most of GM’s muscle car DNA. The recently introduced Camaro is bested in acceleration and handling, by Huyndai in the six-cylinder version.

BTW it looks like GM’s CFO is being forced out. (The current and previous GM CEOs were previous CFOs).

The rich Swedish investor that bought Saab, has in turn found an investor from China. (Why couldn't GM find the Chinese investor?)

[Reaganez]

GM was being forced to sell Opel by the Feds.

Now it is out of bankruptcy and does not need to follow every dictate of Obama’s cronies.

The Genesis 6 does not best the Camaro in acceleration and handling. That is just a load of crock. The Camaro is backordered about 3 months.

No mention of Holden because they never were considered for sale. Vauxhall was but know seems to be off the table.

[pnh102]

(Why couldn't GM find the Chinese investor?)

I am sure GM could have, but who in their right mind, even in China, would buy a stake in a company that is being nationalized? :)

[taildragger]

This is Bill Clinton with Belinda Stronach Heir to Magna which is the winning bidder for Opel.

Do you remember she was a rumored squeeze of his?

What is interesting is here is a person with Democratic connections getting the win from GM run from a distance from Obozo. Now Imagine if Bush or Cheney had a hand in the disassembling of another American Icon and it went to a let us say Steve Forbes. We would never have heard the end of it.

To her credit, she is a breast Cancer Survivor, but exited the Canadian system according to Wiki to get treatment in the US while we are toying with going to a Canadian System liek system.

I could write this if I was a suspense writer, this has that many twist and turns.

[taildragger]

Also from site that is off line ( www.thetruthaboutcars.com ) from a screen poster, from "cache":

"paris-dakar : July 17th, 2009 at 10:35 am"

"So it’s coming down to a Belgian Private Equity Firm acting as a front for the Wall Street Trilateralists v. Magna acting as a front for the Russian Mob?"

"After the events of the past 12 months, I’d go with the Russian Mob. They’re more reputable than Wall Street."

[truth_seeker]

“The Genesis 6 does not best the Camaro in acceleration and handling.”

Well according to a test in Car & Driver, it does. And according to a televised test, it does. (they might be the same test, but I doubt it.)

Let me be clear. The new Camaro is okay.

What demonstrates the lousy management at GM was their decision to kill the previous Camaro with no replacement for years.