GM in subtle, but obvious, bidding war over its European operations
The Daily Maverick rather extensively covered the bidding war over GM’s European operations, all under the umbrella of Opel, as well as GM’s subsequent decision not to sell - the move that attracted German Chancellor Angela Merkel’s ire. She immediately requested that GM return all the loans the Germans made to it by end of November and find a way to finance future operations on its own. Well, GM is doing exactly that and it will probably anger Germans even more. Opel’s acting chief executive officer and head of GM’s international operations, Nick Reilly, is currently on a tour to countries housing Opel’s factories, and in unsubtle terms informing local authorities that, should they cough up some cash, their people’s jobs are safe. Downright brilliant and not a touch less evil, the move is almost guaranteed to net Opel enough cash to pull itself through the worst. And expect Germany to bear the brunt of the inevitable layoffs wave. Read more: FT (subscription required), Daily Telegraph
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