GM's Opel, Vauxhall Get a Shot at Survival

Detroit firm also recommends Vauxhall go to Magna

(NEWSER) - After painfully drawn-out negotiations, General Motors’ board has agreed to sell its Opel unit to Canadian firm Magna International, maintaining a tie that will keep Opel a "a fully integrated part of GM's global product development organization," the company said. The German government, which earlier this year loaned Opel $2.1 billion, was pushing for the deal. More»

European operations won't go to Canadian outfit

(NEWSER) - General Motors backed out today on a deal to sell Opel, its European arm, to a Canadian parts supplier and its Russian banking partners. The GM board’s move reflects an uptick in the auto business, the Financial Times reports, and will also be a blow to the German government, which put great effort into the sale to Magna and its associates. More»

Prospective Opel buyer balks at new request for bridge funding

(NEWSER) - Fiat is boycotting talks in Germany today to acquire Opel, the European arm of General Motors, blasting GM for withholding financial information necessary for due diligence and balking at a new request for emergency funding. Fiat CEO Sergio Marchionne has taken part in days of negotiations with GM and German officials, including Angela Merkel, but yesterday talks fell apart after GM said Opel required an additional $418 million in bridge financing. More»

(NEWSER) - A Canadian auto supplier took a huge step toward acquiring GM's European brands today, the Wall Street Journal reports. Emerging from negotiations, Germany's finance minister approved Magna's merger with GM's German arm Opel, pledging about $2.1 billion to help keep Opel afloat. But details remain: Germany is still pushing to separate Opel and British Vauxhall from GM, so Berlin's billions don't end up in American pockets. More»

Sales mostly go to small cars

(NEWSER) - Automakers are running out of gas all over the world—except in Germany. Volkswagen expects to have its best February ever, selling 120,000 cars, while GM subsidiary Opel has sold 40,000, its best month in 5 years, Der Spiegel reports. It’s all thanks to the scrapping bonus,” a government program that gives consumers $4,500 to junk their old rides. One thing: They must immediately buy a new car. More»