GM delays Opel sale until November |
| Financial Times - Oct 23, 2009 |
General Motors’ signing of binding agreements on the sale of its Opel business has been delayed until at least November 3 so its board can respond to a European Union review of the sale, according to its chief negotiator.
In a blog post on GM Europe’s website on Friday, John Smith said that GM’s board is scheduled to meet then, and will discuss a German offer of state aid at the heart of the EU’s concerns about the legality of the sale of a majority of its European business.
GM Blog: Driving Conversations - Oct-23Spanish unions reach deal on Opel cuts - Oct-22Berlin moves to clarify position on state aid - Oct-20Opel trust chief puts pressure on GM - Oct-20In depth: GM/Opel - Oct-08In depth: Car industry in crisis - Oct-21Binding agreements with Magna International and Sberbank, which want to buy 55 per cent of Opel, could then be signed “should that be authorised by GM’s board at the November 3 meeting,” Mr Smith said.
Read Full Article from Financial Times
- Posted: 2009-10-23 10:39:58
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