Opel reached an important milestone in the path that will bring her to the status of new and independent company. At its meeting yesterday the Board of Directors of GM has decided to recommend to the Austrian-Canadian group Magna to be the new investor and majority owner of the car manufacturer. Canadian company with his Russian partner Sberbank will receive 55% of the shares distributed equally - 27,5 percent. Opel workers will hold 10 percent and GM the remaining 35 per cent. Thus, U.S. producers remain the majority shareholder in the new company.

The agreement includes reduction of about 10 000 jobs in Europe, a quarter of them in Germany. Federal government of Angela Merkel's guarantee 4.5 billion euros in aid for restructuring, which are additional to the loan granted in May in the framework of 1,5 billion euros. Magna Sberbank and did undertake to allocate another $ 500 million investment. It is expected that the finalization of the transaction to take place in November this year.

Trust of Opel, composed of representatives of GM and germanskoto government announced its support of this reshenie.Okonchatelnoto implementation of this solution still requires considerable effort from all parties for the signing of binding contracts.

"We are pleased that this decision was taken after intensive discussions and look forward to this collaboration," said chairman of the Opel Supervisory Board Carl-Peter Forster. - In the face of Magna we have a partner who knows the car business and that provides our company with excellent prospects in the future. In particular, the relationship with the Russian partners and GAZ "Sberbank" Opel offers new opportunities for markets in Eastern Europe. "

Chairman of the Supervisory Board of Opel Forster thanked the politicians. Carl-Peter Forster reiterated the special situation in which the Opel as 100 per cent subsidiary of U.S. group General Motors. Despite its promising product portfolio that mark with a long tradition in need of assistance due to the bankruptcy of parent company. "We know that this was a special and complicated case. We will prove that this support is worth and will bring back the temporary loan, and any government guarantees in a clearly defined plan for repayment. "

What was particularly encouraging is the fact that customers in Germany of Opel remained faithful during this critical time and the brand increased its sales by nearly 30 percent in the first half of the year. Opel consolidate its position as second in sales mark in the market with a market share of 8.7%. After the huge success of Insignia - 150 000 sold cars for only one year - new, hotly Astra will be coming to the premiere at Frankfurt motor show. Next-generation Meriva, the most successful compact minivan in Europe, will be available next year.

Forster thanked the politicians involved in the process for their support: "We know that this support is crucial to reviving of our company. So I thank them on behalf of thousands of employees of Opel, our dealers, suppliers and business partners. After months of uncertainty we can already look at the future. This is an opportunity that will use with pride. "

Chairman of Opel's supervisory board very clearly underlined that commitment by General Motors in terms of global technologies will continue. This collaboration has proved to be important economies of scale and provide resources and tools for Opel. Opel will continue to benefit from the global organization of supply GM. Cars as Opel Ampera - a revolutionary electric autonomous extended mileage to 500 kilometers, whose market launch is planned for 2011 - can be produced only by joint efforts.

Forster stresses the need for realism along with the enthusiasm on the new road, which the company has undertaken. "We are confident not only because we have the right products, but also because we have our staff are fully committed to make this successful Opel. However, we must not forget that we still expect the restructuring measures. They are necessary to achieve a working foundation for a winning organization Opel for a long time. "

Tags » Opel

Source » Speed-Press.com

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