Word: opels
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...Although just half of GM's European businesses are located in Germany, Berlin has effectively grabbed control of efforts to save GM's Opel and Vauxhall operations, which GM's board in Detroit this week centralized under Opel's control. But Belgium and the U.K. are no longer willing to just follow Berlin's lead. Politicians and union leaders there fear that Chancellor Angela Merkel, facing re-election in September, is preparing a deal that would save GM jobs in Germany at the expense of plants in their countries. (See 10 milestones on the road to GM's bankruptcy...
...solution for a truly European-based company seems not in line with the idea of a European Union and its legislation," Belgian Prime Minister Herman van Rompuy wrote in a letter to the European Commission this week. He is worried about the fate of 2,600 workers at an Opel plant in Antwerp, which is slated for closure under some of the rescue plans under consideration...
...that any solution is in the offing immediately, even after 11 hours of talks in Berlin. German participants said the U.S. government and GM appeared to be stalling. For weeks, talks have focused on a German government-backed credit for Opel of €1.5 billion ($2.1 billion). But German officials said the U.S. surprised them on Wednesday with a new demand for an additional short-term credit of €300 million ($416 million). The U.S. government also rejected the German government's plan to impose itself as a kind of administrator over Opel's management. After the meeting, the Germans...
...efforts to thrash out a deal at a meeting set for Friday. But the clock is ticking. GM has until June 1 to present the U.S. government with a convincing restructuring plan, or it will be forced into insolvency. That would further complicate any effort to save GM's Opel and Vauxhall plants. (Read "Government Motors: Can a Reinvention Really Save...
...Knowing that Merkel is under pressure because she has made saving Opel a key campaign issue, GM could be using the threat of insolvency to pressure Berlin into providing more aid. Merkel and her political rivals, the Social Democrats, have come too far down this road to back out now, some German commentators have suggested, exposing the government to high-pressure tactics from...