Kyle’s Corner FYI GM Throws it in Reverse: Truck and Automotive Automobile Reviews

Kyle’s Corner (FYI) GM Throws it in Reverse

After declaring and then coming out of bankruptcy, GM wants nothing
more than to move forward. However, regarding its European Opel/
Vauxhall division, GM wants to throw it in reverse!

Ever since it wanted to sell the unprofitable division, GM has been at odds
with the German government. The later is concerned about saving many of
the 25,000 jobs connected with Opel’s four auto manufacturing plants. The

former, GM, desires to cut its losses in Opel of which it has a stake.

The battle with the German government become so heated that GM is
considering scrapping the plan to sell Opel altogether!

GM’s board has been so exasperated by the heavy conditions imposed
by the unions and the politicians, that it has rejected a proposal to sell
one-half of Opel to Magna, a Canadian auto parts company backed by
two Russian partners - a state owned bank and GAZ, another car maker.

The German government offered the equivalent of $6.4 billion
to finance the deal. However, the government said it will not provide
any money if a rival buyer, a Belgian firm - RHJ International, is part
of the deal because it is concerned that more jobs will be cut. GM is
upset because it believes that the “save jobs” is political grandstanding
before the German general elections in late September (who would do
something just to get votes in an election?).

Now, GM boss Fritz Henderson is throwing it in reverse and dusting
off a plan GM had in before the auto maker when into collapse. It
involves raising money to revive Opel rather than selling it.

The unions have threatened “spectacular actions” if the Magna
deal does not happen soon. Meanwhile, Angela Merkel, Germany’s
chancellor is also concerned about the job losses before the upcoming
election. Doesn’t excessive self interest and not “working together”
sound familiar regarding the situation in the first place?

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Kyle’s Corner (FYI) GM Throws it in Reverse

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