8 Stories

GM Won't Sell Opel After All

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,... More »

GM to Sell Opel to Canada's Magna

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... More »

Germany to Magna: GM's Opel Is All Yours

(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... More »

GM's Opel, Vauxhall Get a Shot at Survival

Canadian firm wants to buy brands, but deal needs German help

(Newser) - Canadian auto supplier Magna wants to buy GM’s European brands, offering Opel and Vauxhall a chance at survival, the Wall Street Journal reports. A deal for Opel would need temporary German funding. Angela Merkel’s government is debating putting up some $2 billion—but wants GM and the US... More »

Fiat Pulls Out of German Talks to Buy GM Arm

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... More »

Foreign Bidders See Opportunity in Detroit Mess

As GM, Chrysler spin off units in their wake, the global auto landscape shifts

(Newser) - With Chrysler in bankruptcy and General Motors at the precipice, foreign companies are preparing bids for parts of the US auto industry, the Wall Street Journal reports. The result will be a broad global reshuffling as companies like Italy’s Fiat, France’s Renault, and even China’s Geely buy... More »

Fiat Aims for GM's Opel to Forge Huge Carmaker

(Newser) - Already partnered with Chrysler, Fiat is intensifying its pursuit of GM's German Opel unit to forge one of the world's biggest car companies, the Wall Street Journal reports. Fiat's CEO Sergio Marchionne plans to meet tomorrow with German officials seeking an investor as GM restructures. Billions in debt, Fiat needs... More »

Germany's Scheme to Scrap Cars Sparks Sales Explosion

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,... More »

8 Stories