The European Commission says it has no intention of blocking Magna's takeover of Opel and Vauxhall. Reports suggest the Magna deal could be sealed this week The European Commission voiced doubts about whether German aid to help the deal succeed conformed to European Union competition regulations Business secretary Lord Mandelson had also queried the Canadian firm's plans amid threats to British jobs. The German government had promised billions of pounds in state aid to Magna. But the commission said it would not stop the deal. "It is not the intention of the European Commission to block any particular deal, rather it is our intention to ensure that money made available is under conditions acceptable under state aid, internal-market rules," a spokesman said. Magna had warned it could run out of cash unless the deal to buy up... [read full story]
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« Previous: Five Ford UAW plants back contract; vote continues Next:‘No strike’ language riles UAW » GM hits the brakes on Opel deal; no signing with Magna this week Automaker’s board to discuss sale to Magna on Nov. 3...
The board of General Motors will review the planned sale of a majority stake in its Opel/Vauxhall unit in an effort to reassure European regulators that it wasn't forced into the deal by a big German aid package, according a...
The board of General Motors will review the planned sale of a majority stake in its Opel/Vauxhall unit in an effort to reassure European regulators that it wasn't forced into the deal by a big German aid package.
The beleaguered U.S. automaker General Motors, which emerged from bankruptcy in July, is reportedly to encounter a delay in the sale of its Adam Opel AG European operations. Last month, GM agreed to sell its majority stake in...
The GM-Opel-Magna-Sperbank deal is on its last gasp. On Friday, GM’s chief Opel negotiator, John Smith, said that nothing will happen until the GM BOD will get around to reconsider the sale at its next regular meeting on...
A General Motors Co. executive said Friday that the company's board will meet Nov. 3 and discuss concerns about the sale of European unit Adam Opel GmbH but gave no details on when the transaction might be completed.
Automaker also increases its shares in South Korean unit Christine Tierney / The Detroit News General Motors Co.'s board of directors will review the latest developments in the protracted talks for the sale of its Adam Opel...
General Motors Co.'s board of directors will consider the latest twists and turns in the protracted negotiations for the proposed sale of a majority stake in its German carmaker, Adam Opel GmbH, at a regularly scheduled board...
By William Ickes , AFP, October 24, 2009 General Motors' sale of its European brand Opel has been thrown into doubt after an executive pushed back the signing date again. General Motors' sale of its European brand Opel has been...
General Motors will decide in early November whether to proceed with a deal to sell its European arm Opel to a group led by Canada's Magna or to seize a new opportunity to keep the unit after seven months of grinding negotiations.
