Word: canadians
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Dates: during 2000-2009
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...After marathon talks on Friday night, the German government approved plans by the Austrian-Canadian car-parts manufacturer Magna to take over GM's European business. Under the deal, Opel will be placed in a trust and the German government will provide a bridging loan of $2.1 billion (€1.5 billion) to provide Opel with emergency funding and keep GM's European operations running. On top of that, the German government will give $4.3 billion (€3 billion) in loan guarantees. The Canadian firm would own 20% of the new group, Russia's biggest lender Sberbank would have...
...Canadian Prime Minister Stephen Harper said on Monday that his government will invest $9 billion in General Motors of Canada Ltd. to keep it alive amid harsh criticism that the unpopular bailout will end up costing Canadian taxpayers millions of dollars for each assembly-line job saved...
Unlike Obama, PM Harper conceded that he is not optimistic about recouping the billions of dollars Canadian taxpayers are giving to GM. Perhaps that's a more realistic approach given that at today's market capitalization on the NYSE, Canada's 12% stake in the automaker is worth a shocking $54 million. (The U.S. and Canadian bailout of the automaker is nearly 130 times the company's present value...
...This is a one-shot deal and we have to be optimistic it will succeed," says Canadian Auto Workers president Ken Lewenza, adding that he had expected the bailout of GM Canada to be larger than the $2.7 billion figure first floated by Ottawa...
...bailout, even in dyed-in-the-wool auto towns like Oshawa and Windsor. "Across Canada opposition to bailing out the car companies is something like 4 to 1," says analyst DesRosiers, who has more than 30 years of auto-industry experience. For $9 billion, he adds, the Canadian government could have asked any of the solvent Japanese or European automakers to build five new car plants in Ontario...