GM cancels sale of Opel/Vauxhall

Muffin`

Muffin`

Muffin`

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"General Motors cancels Opel sale

General Motors (GM) has announced it has cancelled plans to sell its European car business Opel, including its UK brand Vauxhall.

The US giant said in a statement that its board had made the decision because of "an improving business environment for GM over the past few months".

GM had agreed to sell Opel and Vauxhall to Canadian car parts firm Magna.

The Magna deal had the backing of the German government, which had pledged 4.5bn euros ($6.7bn; £4bn) of loans. "


http://news.bbc.co.uk/1/hi/business/8341485.stm

noes :(
 
Considering Opel's line up is what is likely to strengthen the US GM line up, much like Ford Europe's line up is now being fully exploited, this is surely a good thing as long as GM doesn't *need* the immediate cash injection.
 
There was always whispers around the plant saying that it wouldnt happen, and it looks like its true as well... couldnt be better for me :)

Stelly
 
"American car giant realises that selling the only part of the company turning a profit is a bad idea."

Surprised Ford haven't tried to sell Ford yet.
 
the EU competition committee was already investing the german loans to Magna. they probably would have been ruled illegal anyway

even if it went through they still would have axed lots of jobs, just not in germany ;)
 
hiroofheroes said:
Considering Opel's line up is what is likely to strengthen the US GM line up, much like Ford Europe's line up is now being fully exploited, this is surely a good thing as long as GM doesn't *need* the immediate cash injection.
Click to expand...

Don't they owe the Germans 1.5bn Euros by month's end now?
 
hiroofheroes said:
as long as GM doesn't *need* the immediate cash injection.
Click to expand...
Nah, they're fine. Of the $30B they received in June they still have $13.6B left :eek:

Bailout 3.0 coming soon..

(yes I am cherry picking stats here. Most of the money was used during Chapter 11. Since Emerging from this in July they've drawn down ~$3B.)
 
Well, sounds good that VX/Opel are hopefully going to be around for a bit longer, at least they produce cars capable of vying it out near the top, and it keeps the blaggers on here with some way of venting their pre-pubescent frustrations..

:)
 
paradigm said:
Shocker as American car giant realises that keeping it's most profitable asset is actually a good thing.
Click to expand...

That was what I always thought, I never understood why they wanted to sell it...especially with the new astra and the insignia looking so promising
 
I've got a meriva and corsa and couldn't be happier with them two top cars. The meriva is now 6 years old and hasn't given me a moment's worry. Not bad for under 15K€.

If and when I swap I'll get one again.

Why the negativity here?

I just searched for this news as the Gerries are going on strike now as they hoped that the German government had bought job security but looks like they are stuffed now.
 
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