GM Board to Meet Nov. 3, will Discuss Opel Sale

By Brian Jump
http://www.nodents.com

This recession has led to some fairly hard times for everyone including
major companies. Families are out of work, companies are producing more
layoffs and many people are worried that it's not going to get any better
anytime soon.

General Motors CO. is just one company who has been struggling along with
many other auto industries. On November 3rd, the company's board will be
conversing concerns about the sale of European unit Adam Opel GMbH; there
are no facts however on the advancement or any given time frame on when the
actual transaction will be taking place.

The chosen buyer's for Opel and its sister Vauxhall are Canadian car parts
maker, Magna International Inc. and Russian lender Sberbank. They outbid a
Brussels-based private equity firm RHJ International. Magna and Sberbank
were favored by the German government who is offering a considerable sum of
financial aid for the transaction, at 3 billion Euros.

By the end of the year General Motors will be offering only four brands
which are: GMC, Buick, Chevrolet and Cadillac. The Dodge Viper, Saturn,
Chrysler PT Cruiser, Hummer, and Saab will all be discontinued by the end of
the year. On that note, Pontiac is also going to be discontinued by the end
of next year.

With all these brand name cars being discontinued that means that jobs will
go also, leaving even more people without a place to go, without paychecks
and ultimately without a way of paying for their mortgages. It is a scary
time for people right now. Banks don't want to give out loans, employers
don't want to take on new people until they know for sure they can handle
what they have and many people have nothing to fall back on.

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