GM may be winning in the Opel saga

By Incorrect Author 20 October 2009

We have already reported that the EU might block GM’s deal to sell its majority stake in Opel to the Canadian parts manufacturer, Magna, on the grounds of the German government’s excessive involvement in the process of choosing the winner. Even as the German finance minister Karl Theodor zu Guttenberg remains confident of the deal eventually going through, GM is not looking shaken by the uncertainty. Rather, it seems to be looking forward to moving to a plan B; probably re-organising Opel, slashing  head-count (Opel employs 25,000 workers in Germany alone) or, should it be forced, using a “nuclear option” of insolvency protection. GM was not happy with the Magna deal anyway and accepted it only after Chancellor Angela Merkel’s extensive involvement in the pre-election run-up. So GM’s maybe winning by just being quiet and letting others run afoul of the European laws. Smart. Read more: Bloomberg

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