Business News

Nov 3, 2009, 11:10 GMT

Opel employees agree to restructuring deal with Magna

Ruesselsheim - Employees of ailing German carmaker Opel agreed to a restructuring deal with its proposed future owner, Canadian car parts manufacturer Magna, on Tuesday. The workforce at General Motors' European subsidiary was willing to forfeit 265 million euros (390 million dollars) in salary annually, the works council announced in Ruesselsheim. In exchange, the employees are to be given 10 per cent share options in 'New Opel', the carmaker's working name after its split from GM. The agreement is a prerequisite for Opel to be sold to Magna, and is also only valid if Magna does indeed take over the car manufacturer, employee representatives said. GM's board is due later in the day to make its final decision whether to sell Opel to Magna. Opel's European operations include factories in Belgium, Spain and in Britain, where the cars are sold under the Vauxhall brand. About half of Opel's 50,000-strong workforce is in Germany.

And Also

Look Back at the Worst Celebrity Breakups

Look Back at the Worst Celebrity Breakups - PopEater
360 Live support now available via Apple App Store - The Tech Herald
Avatar Jumps From 60 Minutes To MTV - Cinema Blend
Guide to Avoiding Red Carpet Faux Pas - PopEater
A&E series 'Hoarders' and 'Intervention' premiere Monday, Nov. 30th, preview

Your Talkback on this Story

Similar articles

General Motors to cut about 9,000 jobs in Europe (Roundup)
General Motors to cut up to 9,500 jobs in Europe
Losses mount at Porsche before absorption into Volkswagen
Chief executive of German truckmaker MAN quits (Roundup)
Chief executive of German truckmaker MAN to quit

Latest Headlines in Business

Older Talkback

Business: Index

: News; Features; Currency Conversion

Latest Pics

From Sites we Like

British officials spend two years and $500,000 on study proving that 10-pin bowling is a health and safety hazard and should be banned [Asinine]
New Zealand church fined for using cell phone jammers so people's phones don't go off during services. Tag is for the church [Hero]

More Not News from Fark

In Monsters and Critics

: Arts; Books; DVD; Gaming; Lifestyle; Movies; Music; News; People; Science & Nature; Sport; TV; Archives
Other Languages and Sites: Deutschland (Monsters and Critics); The Tech Herald; Free Games

Entertainment: Arts; Books; DVD; Gaming; Movies; Music; People; Soundtracks; TV
Media: Celebrity Photos; Movie Pictures; Movie Trailers; Movie Posters; Theatre Stills; Celebrity Video; Music Video
Released this week: Movies - USA; Movies - UK; DVD - USA
Distractions: Online Games; Daily Crossword; Sudoku Classic; Daily Jigsaw

World News: US; UK; Americas; Europe; Middle East; Asia Pacific; South Asia; Africa; Business; Education; Health
Science and Tech: Science and Nature; Technology
Lifestyle: Autos; Fashion; Life; Travel

Corporate

: About; Advertise; Contact; The Team; Vacancies; Privacy; RSS; Site Map; Terms; Webmasters

The Fine Print

© 2003 - 2009 by Monsters and Critics.com, WotR Ltd. All Rights Reserved. All photos are copyright their respective owners and are used under license or with permission. * Note M&C cannot be held responsible for the content on other Web Sites.

Servers supplied by Servint