Russian bank Sberbank reached a deal with GM on compensation it had claimed for losses incurred after the US auto giant dropped plans to sell its Opel unit, the companies said on Monday.
Opel's works council has rejected a restructuring plan by the automaker's US parent company General Motors, council head Klaus Franz said in an interview due to be published on Wednesday.
German carmaker Opel, which was rocked this year by industrial uncertainty, said Tuesday that its German sales gained 31 percent in 2009 owing to a government cash-for-clunkers scrapping bonus.
German Chancellor Angela Merkel said on Tuesday she was expecting a "thank-you letter" from General Motors after the US firm paid Berlin back for huge loans to keep its Opel unit afloat.
General Motors Europe head Carl-Peter Forster is quitting in disgust at GM's decision to hang on to its European unit Opel/Vauxhall, an inside source said on Friday.
Tens of thousands of angry German auto workers protested on Thursday against General Motors' decision to keep its Opel unit – a move called a slap in the face for Chancellor Angela Merkel by the country's media.
General Motors' shock decision to back out of selling its Opel unit sparked a mix of fury and fear in Germany on Wednesday, as thousands of auto workers faced an uncertain future.
US automakers General Motors on Tuesday scrapped an on-again, off-again plan to sell its big European division, Opel, which had triggered a political and diplomatic controversy.
General Motors' sale of its European brand Opel was thrown into doubt on Friday when an executive pushed back the signing date and a press report said GM wanted to hang on to the company.
The European Commission may have its doubts that a Berlin-backed plan to save Opel is legal but it is unlikely to challenge the deal for fears it would only drive the automaker into bankruptcy, observers said on Tuesday.
Canadian auto parts maker Magna will cut more than 4,000 jobs in Germany when it takes over the Opel business of struggling US auto giant General Motors, the <i>Frankfurter Allgemeine Zeitung</i> reported on Tuesday.
Media reports over the weekend suggest that Magna, the new owner of car maker Opel, could begin mass layoffs as early as Monday, starting with over 1,800 jobs at Opel headquarters in Rüsselsheim near Frankfurt.
While top-ranking politicians celebrate the agreed sale of Opel to the consortium headed by Austro-Canadian car parts maker Magna, information has emerged that it will mean the loss of thousands of jobs – and potential legal difficulties.
General Motors' decision to sell its European unit Opel to a Canadian firm backed by Russian finance raised concerns on Friday about the widespread layoffs.
Chancellor Angela Merkel announced on Thursday that US car giant General Motors is prepared to sell its German unit Opel to the Canadian auto parts firm Magna after all.
The decision on the future of Opel, expected to be made on Friday evening, has again been postponed after managers at General Motors could not agree on which bid to accept for its troubled German unit.
Germany upped the pressure on US auto giant General Motors on Thursday to sell its European unit Opel to Berlin's preferred bidder, setting the stage for a potential transatlantic showdown.
EU Industry Commissioner Günter Verheugen wants a thorough examination of plans to rescue troubled German automaker Opel, which he believes would ultimately benefit Russia.
Opel is reportedly planning to build a low-budget version of its Astra to help it rebound, but the carmaker's likely new owner Magna is still considering massive job cuts.
German Economy Minister Karl-Theodor zu Guttenberg on Thursday said he could imagine using a government-backed trust to help save embattled carmaker Opel.
German carmaker Opel, a unit of General Motors, has said it will slash the salaries of around 300 executives in Europe as part of a drastic cost-cutting program.
