GM looking to unload Opel, Vauxhall
TEXT OF STORY
Bill Radke: We’ve been following General Motors’ various moves to stay alive. This morning’s Financial Times says GM is looking to unload its controlling stake in Germany’s Opel and the U.K.’s Vauxhall,
and the price tag: nothing. Christopher Werth has more.
Christopher Werth: GM has run out of money for its European operations, and has been looking to restructure Opel and Vauxhall for months. The latest development could see GM turn over its majority stake for a little more than a promise to take good care of it.
The lucky investor would reportedly inject a minimum of $650 million directly into Opel, with no real financial gain for GM. A great deal of that money could come in the form of guaranteed loans from the German government.
Germany refused an outright bailout of Opel earlier this year. GM is also said to be willing to wash its hands of Saab for nothing more than a handshake.
Meanwhile the head of GM’s Asia-Pacific division says the company hopes to grow its Chinese market by 5 [percent] to 10 percent this year. He made those comments at today’s opening of the Shanghai Auto Show.
In London, I’m Christopher Werth for Marketplace.
There’s a lot happening in the world. Through it all, Marketplace is here for you.
You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible.
Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.
