Open

Coming up

Don't miss

Replay


LATEST SHOWS

ENCORE!

Bold and bonkers: Kate Bush is back on stage

Read more

THE INTERVIEW

Simon Serfaty, US foreign policy specialist

Read more

IN THE PAPERS

'It's a War, Stupid!'

Read more

BUSINESS DAILY

French PM calls on ECB to go further to help economy

Read more

IN THE PAPERS

'I love the Socialists'

Read more

WEB NEWS

Ukraine: Web users call for international assistance

Read more

WEB NEWS

France: Fighting political corruption with transparency

Read more

MEDIAWATCH

No strategy and a beige suit

Read more

AFRICA NEWS

South Africa: Four men found guilty of shooting Rwandan exile

Read more

  • Ukrainian forces retreat from Luhansk airport after clashes

    Read more

  • Iraqi forces free Armeli in biggest victory over IS militants since June

    Read more

  • Teddy Riner, France’s unstoppable judo champion

    Read more

  • Monaco’s Falcao set for Man Utd loan on transfer deadline day

    Read more

  • Spain orders custody for parents of ill British boy

    Read more

  • Anti-government protesters storm Pakistan's state TV

    Read more

  • Putin calls for talks on 'statehood' for east Ukraine

    Read more

  • Poland marks 75 years since German invasion of WWII

    Read more

  • Israel appropriates large tracts of West Bank land

    Read more

  • Rescue efforts under way after French apartment block blast

    Read more

  • Web doc on French self-immolation protests takes top prize

    Read more

  • PSG trounce Saint-Etienne 5-0 with Ibrahimovic hat trick

    Read more

  • Tension rises in Hong Kong as Beijing rejects open elections

    Read more

  • French police stop 'teenage jihadist' from flying to Syria

    Read more

  • Kidnapped Yazidi women 'sold to Islamists' in Syria

    Read more

  • Confusion reigns after Lesotho 'coup'

    Read more

Business

GM to sell Opel to Magna

Text by NEWS WIRES

Latest update : 2009-09-10

After around a month of speculation, German Chancellor Angela Merkel announced on Thursday that US automaker General Motors will be selling its European branch Opel to Canadian auto parts maker Magna.

AFP - US automaker General Motors has called a press conference on Thursday in Berlin to unveil its plans for the German unit Opel, the head of Opel's works committee told German television.
  
The GM briefing would take place at 1230 GMT, Klaus Franz told the public station ZDF, following a GM board meeting on Tuesday and Wednesday in the United States.
  
GM negotiator John Smith was to inform the German government of the US group's decision before the news conference.
  
Berlin still officially supports a bid for Opel by the Canadian auto parts maker Magna, backed by the Russian bank Sberbank, but they have not been able to finalise a deal with GM, which appears to want to hold on to Opel now.
  
Germany has thrown a financial lifeline to the automaker, which employs 25,000 people in the country and as many more elsewhere in Europe, and fears the announcement of layoffs just ahead of September 27 general elections.
  
According to a plan drafted earlier this year by GM and unveiled on Thursday by the Frankfurter Allgemeine Zeitung newspaper, GM plans to close its Belgian factory in Antwerp and two German plants in eastern Eisenach western Bochum.
  
Franz also backed Magna's bid, saying: "If reason and industrial logic carry the day, then Magna should win."
  
A rally has been called in Eisenach in case that is not the case, he warned.

Date created : 2009-09-10

COMMENT(S)