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#363047 - 3rd Nov 2009 11:20pm GM Cancels Opel/Vauxhall Sale
MattLFC Offline
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Registered: 14th Aug 2004
Posts: 22315
Loc: Moreton/Beirut/Mobile
Originally Posted By: BBC News
General Motors (GM) has announced it has cancelled plans to sell its European car business Opel, including its UK brand Vauxhall.

The US giant 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. The Magna deal had the backing of the German government, which had pledged 4.5bn euros ($6.7bn; £4bn) of loans.

GM added that it had also come to its decision because of the importance of Opel and Vauxhall to its global strategy. It said it would now "initiate a restructuring of its European operations in earnest" and seek aid from the German government, and other European states.

However, its decision is likely to cause much anger in Europe, where the planned sale of Opel has been dragging on for months.

BBC News Report

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#363052 - 3rd Nov 2009 11:25pm Re: GM Cancels Opel/Vauxhall Sale [Re: MattLFC]
Sanchez Offline

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Registered: 17th Dec 2003
Posts: 8019
Loc: my house
Well I didnt see that one coming.........
_________________________
Uncertainty or not knowing causes depression, Im happy because I know I'm going to die one day!

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#363061 - 3rd Nov 2009 11:30pm Re: GM Cancels Opel/Vauxhall Sale [Re: Sanchez]
MattLFC Offline
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Registered: 14th Aug 2004
Posts: 22315
Loc: Moreton/Beirut/Mobile
Restructuring is a term in business, that essentially means job losses and massive cuts in budget.

Ellesmere Port, watch out!

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#363089 - 4th Nov 2009 12:33am Re: GM Cancels Opel/Vauxhall Sale [Re: Sanchez]
Tony_1985 Offline

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Registered: 19th Aug 2006
Posts: 2421
Loc: Ellesmere Port
Originally Posted By: Sanchez
Well I didnt see that one coming.........


neither did i

more uncertainty looms

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#363109 - 4th Nov 2009 8:42am Re: GM Cancels Opel/Vauxhall Sale [Re: Tony_1985]
hoseman Offline
Forum Master

Registered: 30th Sep 2007
Posts: 2346
Loc: Bromborough
The Magma deal would have guaranteed Vauxhall production in Ellesmere Port until 2016. Now its anyones guess!!
I do work in there and sometimes even the workers dont know whats happening from one day to the next!
Its realy quiet in there, even sellng one of the production lines abroad in the press shop, maybe another next year im told...Not good!
_________________________
IF IT HAS A HOSE THEN IM YOUR MAN

BETTER TO BURN OUT THAN FADE AWAY!

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#363120 - 4th Nov 2009 9:12am Re: GM Cancels Opel/Vauxhall Sale [Re: Sanchez]
BossFan Offline
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Registered: 5th Mar 2009
Posts: 105
Loc: In my own world,but that's oka...
Originally Posted By: Sanchez
Well I didnt see that one coming.........


I did. I also work there, in the paint unit. We would have been more surprised if the deal to sell to Magna, or any of the other bidders, had gone through.

The general feeling is that this is the best outcome for Ellesmere Port. The future looks more stable for the workers there.

But I think the announced deal to sell to Magna was political, as the was an election in Germany at the time.
_________________________
The only Boss I listen to is BRUCE SPRINGSTEEN

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#363178 - 4th Nov 2009 12:57pm Re: GM Cancels Opel/Vauxhall Sale [Re: BossFan]
_jase_
Unregistered


Ellesmere Port unions’ amazement as Vauxhall sale to Magna called off




GENERAL Motors has scrapped plans to sell Vauxhall to the Canadian car parts firm Magna.

Staff at the plant had been bracing themselves for GM’s sale of the plant, which had threatened 10,500 jobs across Europe.


A meeting assumed to herald the ratification of the deal, however, saw a complete turnaround late last night – prompting a “cautious welcome” from Union bosses.

Acknowledging the move will see a return to the plan to restructure the business, a spokesman for GM in the US said the decision followed an improvement in the business environment in Europe and an upturn in GM’s financial health.

Last night, Unite convenor at Vauxhall, John Fetherston, said the News had stunned not only workers but the union.

He said: “When we heard the Sale was off it was amazement, it was an extreme surprise.

“We knew the company was meeting last night to give it another look, but the assumption was it would be to ratify the decision to sell, so to find out we are being kept in the GM family is a surprise – and a welcome one.

“GM does have a business plan that will involve cost- cutting and cost reduction, so we have to wait and see.

“I think the reaction at the plant will be it’s better the devil you know, but there’s another saying – the devil is in the detail.”

The deal to sell off Opel and Vauxhall to Magna had the backing of the German government, which pledged 4.5bn euros (£4bn) of loans.

The decision will see unions and the Government scrambling to find out where the scrapping of the Sale leaves workers in Ellesmere Port.

Mr Fetherston added: “GM in the US have been fairly vicious, so we have to take it from here.

“They know what Ellesmere Port can do. They awarded us the Astra and we launched it so hopefully they will look at our capabilities and look after us.”
Fritz Henderson, president and chief executive of General Motors, said: “We understand the complexity and length of this issue has been draining for all involved.

“However, from the outset, our goal has been to secure the best long-term solution for our customers, employees, suppliers and dealers, which is reflected in the decision reached today.

“This was deemed to be the most stable and least costly approach for securing Opel/Vauxhall’s long-term future.”

An agreement reached with the Union and Unite was reached recently to remove uncertainty surrounding the 5,500 workers at the Ellesmere Port and Luton factories.

Both plants were given job security and a future through to 2013.

The deal with Magna had been backed by Business Secretary Lord Mandelson.

A Department for Business spokesman said: “We have noted GM’s announcement today and want to work closely with GM to understand their plan for the business and what it means for the UK.

“We have always said that, if the right long-term sustainable solution is identified, then the Government would be willing to provide funding to this.”



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