General Motors

...Forster, the chief executive of General Motors Europe who runs its struggling Opel unit, will leave the company, GM said Friday. GM said in a statement that Forster, 55, would advise the company on picking a new Opel CEO. The...

In this article: Opel, Magna International Inc., Europe, Detroit, Bankruptcy, GM Europe, Sberbank, and Germany

...they did not believe the company could preserve its European arm, blaming it for incompetence. GM: CONFIDENT WE CAN FIND THE MONEY GM Chief Executive Fritz Henderson told reporters in Detroit he was confident that GM can find the 3...

In this article: Opel, Magna International, Angela Merkel, Barack Obama, Germany, Vauxhall, and United States

...Merkel's office said she had discussed it with President Barack Obama, who told her he had no involvement in Tuesday's GM board decision. GM's decision was an embarrassment to Merkel, coming hours after she had addressed the U.S. Congress.

In this article: GM, Opel, Magna International Inc., Angela Merkel, Detroit, U.S., and Bankruptcy

...contrast to that in Britain, home of Opel's sister brand Vauxhall, where workers have welcomed GM's decision to hang on to its European arm. GM is counting on European countries that host GM plants including Germany, Britain, Spain and...

In this article: Opel, Germany, Magna, GM Europe, Bild, and Styrofoam

...the talk about insolvency - that is damaging to the business," Franz said. John Smith, GM's chief negotiator for the sale of Opel, said Wednesday that GM's plan was similar but not identical to that presented by Magna and Sberbank, which...

In this article: Opel, GM, Angela Merkel, Magna International Inc., Vladimir Putin, Germany, Sberbank, and Barack Obama

Peter Mandelson: "There will be a future for the Vauxhall plants in the UK" General Motors (GM) has confirmed that it plans to cut 10,000 jobs across its European car unit Opel, which includes the Vauxhall brand in the UK. The...

In this article: Opel, Vauxhall, Magna, Unite, Germany, UK, Capitalism, and Bochum

...of German politicians and labor leaders. Here are some questions and answers on Opel's future: WHY HAS GM DECIDED TO KEEP OPEL? GM said it wanted to keep Opel because both the business environment and its own financial health and...

In this article: Opel, Magna, GM Europe, European Union, Escrow, Germany, and U.S. Treasury

...said in a statement that its board had made the decision because of "an improving business environment for GM over the past few months". GM had agreed to sell Opel and Vauxhall to Canadian car parts firm Magna. It said it would now be...

In this article: Opel, Magna, Vauxhall, Europe, US, Berlin, UK, and Germany

...endorsed by GM Chief Executive Fritz Henderson who had said a sale of the European unit was the most likely outcome two weeks ago. GM said it expected that restructuring Opel on its own would cost about 3 billion euros ($4.41 billion).

In this article: GM, Opel, Magna, European Union, Germany, and Bankruptcy

...but GM is expected to receive a minority interest in the auto supplier that will diminish over time as GM is repaid for its investment. GM will use $1.1 billion to buy Delphi's global steering business and four parts manufacturing...

In this article: GM, Delphi, Bankruptcy, Delphi, Detroit, Escrow, Delphi Corp, U.S. Securities and Exchange Commission, and Treasury Department