Word: gm
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...Italian carmaker Fiat also remains a contender. Fiat CEO Sergio Marchionne has been jetting between the U.S. and Europe for weeks, meeting on both sides of the Atlantic with key politicians, unions and investors. Fiat recently acquired Chrysler and now wants to merge GM's European business into the Fiat-Chrysler group to create one of the biggest carmakers in the world. His plans to close plants in Germany and Italy have been roundly condemned by powerful German governors and the IG Metall trade union. A Chinese carmaker, Beijing Automotive Industry Corp., is expected to detail its own plan...
...loud protests in Germany in the run-up to the nation's general elections have raised fears that GM's European plants outside Germany, such as those in Antwerp and several Vauxhall facilities in the U.K., could become easier targets for closure. British unions are urging Prime Minister Gordon Brown to prepare an aid package for Vauxhall to give the U.K. a voice at the table, but so far London has proffered no numbers...
...Whatever deal eventually emerges, experts warn that Opel's future is anything but rosy in a car industry beset by a massive erosion of demand. The Financial Times reported that the offer document GM sent out to bidders last month predicted a loss before tax and interest payments of more than $3 billion at its European businesses this year. (See pictures of GM...
...money will do the talking, and Germany's deep pockets give the nation plenty of clout. But around Europe, anger is rising that German politicians are playing a deadly game of poker with GM for which others might end up paying the price. "We cannot get into a situation where everyone is trying to outdo each other, in which we see how much money Germany can put on the table and how much we can," said Flemish Premier Kris Peeters. After all, he, too, faces elections this year...
...milestones on the road to GM's bankruptcy...