Germany fumes over GM ditching Opel sale to Magna

Story by Superior Auto Institute / www.nodents.com

General Motors Co. decided to sale their European Opel unit to Canadian auto parts maker Magna International last month but this month went back on the deal and decided to hold onto Opel and Opel’s sister Vauxhall.
This decision fueled German politicians with fury and Opel worker’s canceled cost concessions and prepared themselves for walk-outs.
“A Black Day” was what the whole issue was being called by Klaus Franz, Adam Opel GmHB’s top employee representative in reference to the workers who would start momentary labor stoppages on Thursday.
The German Government put up 1.5 billion euro as a bridge loan to keep Opel form following under, while a buyer was sought so that Magna and Sbertank could take 55 percent stake.
Berlin’s Economy Minister Rainer Bruederle vowed that the 1.5 billion euro would be returned back. He stated, “We will get the tax payer’s money back.” Here then added, “totally unacceptable.”
GM Europe Spokeswoman Karin Kirchner said that GM Europe was prepared to repay the bridge loan back. The Russian government felt differently about what General Motors was doing. They were happy that the company had decided to keep Opel and its sister company Vauxhall, they didn’t want to see the companies spilt up. A former Vauxhall worker and joint leader of the Unite union, Tony Woodley called General Motor’s action a “fantastic decision.”
General Motors, throughout the year has had a very rough time staying open and lost more than $8 billion in the past four years and obtained $50 billion from government aid. More than 54,000 workers are employed at General Motors Europe and with sales of Cadillac, Chevrolet, Opel and Vauxhall vehicles General Motors Europe has become the highest auto sales in Europe.
General Motors filed for bankruptcy earlier this year. Opel was held in reserve and 65 percent was placed in a trust, General Motors held onto the other 35 percent.
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