From GM...
GM Board Recommendation to Sell Majority Stake in Opel/Vauxhall to Magna International/Sberbank
GM to sell 55% stake in New Opel to Magna/Sberbank
Agreement on new ownership structure signals fresh start for New Opel
Employees to hold 10% stake in New Opel
Government supports financing through additional state guarantees
Zurich. General Motors today announced that its Board of Directors supports a bid from the consortium of Magna International Inc. and Sberbank to buy a majority stake in its European Opel/Vauxhall operations.
Several key issues will be finalized over the next few weeks to secure the binding agreements, including the written support of the labor unions to support the deal with the necessary cost restructuring for viability and the finalization of a definitive financing package from the German government. The definitive agreements should be ready to sign within a few weeks, with closing to follow within the next few months. Under the deal, Magna/Sberbank will purchase a 55 percent stake in New Opel; GM will hold a 35 percent stake and employees will be provided a 10 percent stake.
“The hard work over the past two weeks to clarify open issues and resolve details in the German financial package brought GM and its Board of Directors to recommend Magna/Sberbank,” said Fritz Henderson, GM President and CEO. “We thank all parties involved in the intensive process of the last few months -- especially the German government -- for their continued support that enables this new venture. I’d also like to thank the Opel and Vauxhall customers for their continued loyalty. GM will continue to closely collaborate with Opel and Vauxhall to develop and produce more great cars, such as the new Insignia and the new Astra,” Henderson added.
The agreement will keep Opel/Vauxhall a fully integrated part of GM’s global product development organization, allowing all parties to benefit from the exchange of technology and engineering resources. The new ownership structure constitutes a new lean, efficient and independent organization for the Opel and Vauxhall brands. The current portfolio of Opel/Vauxhall cars and the models in the pipeline are a strong basis for future success.
Participating in GM’s global technology development and purchasing organizations secures important economies of scale for Opel/Vauxhall and other GM brands. For example, vehicles that represent new propulsion technologies, such as the Ampera extended-range electric vehicle, can only be brought to market in a joint effort.
“GM operates many joint ventures around the world and has proven in the past that this business model delivers the right balance of independence, innovation and synergies,” said John Smith, GM Group Vice President Business Development. “All parties will work hard to close the deal as soon as possible,” he added.
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-----The orginal Mr.Goodwrench on the JBO since 11/99-----
think its a mistake , but then GM is full of them now
[quote=97cavie24ls(™)]think its a mistake , but then GM is full of them now
JGM T-SHIRTS!!!!
In Loving Memory of Phil Martin December 14 2005
Alexis: Dustin, you're ghey, lol. I am better. I have tits, and tits rule all.
FAIL!
PRND321 Till I DIE
Old Motor: 160whp & 152ft/lbs, 1/4 Mile 15.4 @88.2
M45 + LD9 + 4T40-E, GO GO GO
^Their technology, infact we use about 60-80% of it here in N-A. And the sheer fact of our foothold over in Europe.
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-----The orginal Mr.Goodwrench on the JBO since 11/99-----
plus they have alot of good SMALL cars
opel has always had a odd following here in the US , but with the cars saturn had that resembled the opels , have sold well , and look good
with GM keeping buick around , it woulda been a good line to move back in with buick , since they were paired up back in the 60's and 70's
though i still think getting rid of saturn was a bad idea , but at the same GM screwed up when they took charge of them and made to many changes
From all the technology and ideas that Opel provides for the rest of GM, or the lack of now.
PRND321 Till I DIE
Old Motor: 160whp & 152ft/lbs, 1/4 Mile 15.4 @88.2
M45 + LD9 + 4T40-E, GO GO GO
Here's hoping this makes it easier to get OEM parts for my Astra...
Then I may be confused, but it sounds like GM still has a stake even at only 1/3 controlling interest.
Why can't they bring over opels and rebadge them like all the other cross-breeds that we have?
Swapping tech shouldn't change, and would probably help GM meet future emissions. As I recall Europe has stricter guidelines then we do.
All I see is that GM is gaining capital to restructure globally, reducing risk/rewards, and opening itself up to some new ideas.
If you can't fix it with a hammer, you've got an electrical problem.
[quote=97cavie24ls(™)]plus they have alot of good SMALL cars
opel has always had a odd following here in the US , but with the cars saturn had that resembled the opels , have sold well , and look good
with GM keeping buick around , it woulda been a good line to move back in with buick , since they were paired up back in the 60's and 70's
though i still think getting rid of saturn was a bad idea , but at the same GM screwed up when they took charge of them and made to many changes
Actually Saturn resembled Oldsmobile, especially the Cutlass Supreme. And personally I think Opel has the best or one of the best small cars around.
Back then it was Oldsmobile sending technology to the masses, Opel took that over the last last ten years.
Personally I would have Opel products and placed it under the Oldsmobile name, and drop Saturn, especially since Saturn was just another generic GM after 2002. To the very least, leave Saturn to compete with the under $15K crowd (Scion, Accent ,Rio, Fiesta, etc), like it's original purpose.
>>>For Sale? Clicky!<<<
-----The orginal Mr.Goodwrench on the JBO since 11/99-----
i still associate opel with buick , i remember when youd ask a guy what kinda car his GT or manta were , he would tell you a buick opel
plus buick is still a current name plate , unless your talking about being the olds name plate back , which wouldnt be a bad idea
though id say move the malibu and impala , montecarlo to olds , and badge the opels as chevys as they should raise the mileage standars for the chevy brand and take less of a hit on the trucks
either way opel or saturn need to stay for small cars for GM , and for saturn id prefer them to go back to their original cars , the SC , SL , SW , they were alot better car back then
