According to recent news, General Motors might decide not to sell its European car firm Opel which has been struggling for quite some time now. Bids for Opel have been arriving from everywhere including German Government which said that it will lend Opel 6.4 billion dollars given the condition that Magna is chosen to take Opel over. But it seems that the U.S. car maker, GM, is trying to raise funds with the help of US and European governments to save Opel.
The leading suitors for the car firm are Magna, Belgian financial group RHJ etc. Magna has already promised to keep the job loss to minimum in Germany where around 25,000 people are employees of Opel. The chief negotiator of GM, John Smith, will soon be talking to deputy economy minister Jochen Homann regarding the whole Opel matter on Tuesday.
GM filed for bankruptcy protection on June 1st and since then the control of Opel has been give to a trust. This is a German – led trust whose approval is necessary for any solution. It will be interesting if GM, once the world’s largest carmaker, will be able to save Opel or not. It is yet unclear how much support GM will get from U.S. government after the statement of President Obama who thinks that day – to –day operations at GM should not be interfered by others.
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