WRAPUP 3 manteau 2011 -GM considers keeping Opel as pressure mounts
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GM considers raising funding to keep Opel-sources
Obama administration to leave Opel buyer choice to GM
German labor union protests GM delay with wage demand
No state loan for RHJ bid: German finance minister (Adds detail on GM consideration of alternatives to Opeldeal)
WASHINGTON/FRANKFURT, Aug 24 - General Motors Co[GM.UL] is considering a plan to raise funding to keep Opel asan alternative to selling the unit to Magna International<MGa.TO>, sources with knowledge of the deliberations said onMonday.
The development comes against a backdrop of escalatinglabor tensions and political stakes over GM's slow-movingeffort to sell control of Opel and its British affiliate,Vauxhall.
The Obama administration pledged on Monday to stay out ofGM's choice of a buyer for Opel, while union leaders in Germanyput more pressure on the U.S. automaker to make a decision.
At a board meeting on Friday, GM directors declined toendorse a sale of Opel to Magna, sending the automaker backinto negotiations this week with the German government.
While GM remains focused now on trying to clear remainingissues with the Magna deal, executives also are consideringother options, including raising more than $4 billion in a bidto keep Opel, sources said.
GM had no immediate comment.
Because GM is barred from using funding from the U.S.government to support its international operations, one of theoptions could include raising money by selling or mortgagingthe automaker's assets in China, one of the sources said.
Berlin and the German states that host Opel plants havemade clear they want Magna to get Opel and are set to provide4.5 billion euros ($6.4 billion) in state aid to make ithappen.
Germany has already provided 1.5 billion euros in bridgefinancing for Opel. As a result, German trustees overseeing amajority stake in Opel have to approve any deal after it clearsthe GM board.
With an election looming, German officials also have throwntheir support behind the Magna bid for Opel because of the viewthat it would be the best option for preserving jobs.
'THE FIRST WARNING SHOT'
Negotiations over Opel have dragged on for months,frustrating its 50,000 European employees.
On Monday, labor leaders for Opel's 25,000 workers inGermany protested the delay by rescinding an agreement toforego vacation pay, demanding some 70 million euros ($100.1million) in cash next week, sources familiar with the actiontold Reuters.
"This is the first warning shot," said one of the sources,who requested anonymity.
Separately, Opel labor leader Klaus Franz, speaking onGerman radio, threatened "spectacular measures" if GM did notmake up its mind soon.
"We have been calm so far, listened diligently and madecomments, but that is over now," Franz said.
GM had been expected to reach a decision on Friday onwhether to sell Opel to Magna, Berlin's favored bidder, or toBrussels-based investment firm RHJ International <RHJI.BR>.
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