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12 December 2017 16:00 (South Africa)

Germany to GM, re: Opel: SCREW YOU!

Okay, they didn’t use exactly the same wordage, but that is exactly what they meant. Economy minister Rainer Bruederle told GM CEO Fritz Henderson that “General Motors should basically carry out the financing itself” from now on. As The Daily Maverick reported before, Germany offered $6.7 billion in assistance, should GM sell Opel to government’s preferred bidder, Magna. But as GM last week cancelled the sale, the new ice age set in fast. Certainly not a finished story. And on the related subject, Russian Sberbank, Magna’s chief financial backer in the Opel deal, announced on Wednesday it will cut a full 25% of its workforce, 67,000 jobs, within the next five years. Ouch!
Read more: BBC News, BBC News

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