Open

Coming up

Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

A thin line between fact-checking and propaganda in Gaza social media coverage

Read more

DEBATE

Gaza: How to Stop the Spiral? Israel Readies For Ground Offensive (part 2)

Read more

DEBATE

Gaza: How to Stop the Spiral? Israel Readies For Ground Offensive

Read more

FOCUS

Ireland's missing babies casting light on a dark history...

Read more

WEB NEWS

World Cup 2014: Germany-Brazil inspires the Web

Read more

THE INTERVIEW

Boutros-Ghali: 'I wanted to reform the UN'

Read more

IN THE PAPERS

57 000 little problems

Read more

IN THE PAPERS

The Sarkozy 'threat'

Read more

BUSINESS DAILY

Budget challenge for India's new government

Read more

  • US prepared to negotiate Gaza ceasefire, Obama says

    Read more

  • Manhunt as FIFA partner flees Rio hotel to avoid arrest

    Read more

  • French companies will have to accept anonymous CVs

    Read more

  • Ukrainian forces close in on Donetsk

    Read more

  • Germany asks US intelligence station chief to leave country

    Read more

  • Hamas rockets reaching deeper into Israel

    Read more

  • UN chief Ban Ki-moon appoints new Syria mediator

    Read more

  • Video: Muslims in China confront obstacles to Ramadan fasting

    Read more

  • Tour de France passes WWI Chemin des Dames battlefield

    Read more

  • Senegalese man awarded French visa in gay marriage debate

    Read more

  • Israel steps up airstrikes as diplomacy gets under way

    Read more

  • Argentina beat Netherlands on penalties to reach World Cup final

    Read more

  • Foiled French jihadist ‘targeted Louvre and Eiffel Tower’

    Read more

  • Obama in Texas to urge congressional action on child migrant crisis

    Read more

  • Iraq’s heritage 'in danger' from ISIS militants

    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

Comments

COMMENT(S)