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GM CEO Akerson Confirms Opel Not for Sale

by on Jul.27, 2011

Opel is still not for sale, insists Akerson.

General Motors’ top executive has made another attempt to head off rumors that the maker’s long-troubled Opel subsidiary is for sale.

“We don’t comment on speculation,” GM chairman and chief executive officer Dan Akerson said before doing precisely that during a brief news conference at a GM assembly plant in Detroit called to officially discuss the opening of contract talks with the United Auto Workers

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“Opel is not for sale,” Ackerson emphasized, reiterating a comment he made earlier in the month – which apparently did little to quell reports in Germany that the subsidiary would be placed on the market.  Whether his latest comment will finally quash speculation remains to be seen in light of Opel’s ongoing problems.

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Opel Deal Won’t Be Derailed, Say Partners, But Criticism Mounting

Union threatening to strike over job cuts, plant closings.

by on Sep.15, 2009

"A milestone," says Opel CEO Carl-Peter Forster (head lowered) of the sale of a controlling stake in the company to a consortium lead by parts supplier Magna. But there's growing opposition to the deal.

"A milestone," says Opel CEO Carl-Peter Forster (head lowered) of the sale of a controlling stake in the company to a consortium lead by parts supplier Magna. But there's growing opposition to the deal.

The newly-reconstituted Opel is getting off to a shaky start, even before General Motors and its new partners have completed their deal to share control of the struggling German automaker.

The deal will go through, said senior officials from both GM and Magna International, the Canadian supplier that led the acquisition of a majority stake in Opel.  But trouble could be facing the new partners on several fronts. 

For one thing, European Union officials may challenge the deal, which was completed under heavy pressure from the German government, and even Opel’s labor unions, which will receive a 10% stake in the former GM subsidiary, are warning of a possible “action” to pressure Opel not to close plants or trim it’s workforce.

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Facing the threat of bankruptcy in Europe, GM announced, earlier this year, that it would sell a stake in Opel, in return for a German government bailout. Negotiations dragged on until last week, as it became clear that the U.S. maker was looking for an alternative bidder who might eventually allow GM to regain control of Opel. But last week, GM gave into pressure from Berlin, agreeing to sell a controlling stake in it’s troubled European operations to Magna and it’s Russian backer, Sberbank.

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