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Nov 4, 2009, 11:44 GMT

Spanish analysts hope for new and better deal for Opel (Roundup)

Zaragoza, Spain - Spanish Opel employees on Wednesday expressed concern that General Motors' decision not to sell the carmaker meant a return to 'point zero' in negotiations about the future of Opel in Spain and elsewhere in Europe. Some analysts, however, expressed hope that a better deal could now be reached for the Spanish Opel plant in Figueruelas in the north of the country. Spanish Opel employees had earlier reached an agreement with Magna, the Canadian-Austrian auto parts group which had intended to take a majority stake in Opel, foreseeing 900 job cuts at the factory employing 7,500 people. The weeks-long talks had now come to naught, employees' representative Ana Sanchez complained, saying the GM announcement meant a return to 'point zero.' Candido Mendez, secretary-general of the trade union confederation UGT, pointed out that an earlier proposal by GM for the Figueruelas plant had been 'relatively better' than the deal with Magna. However, he called for 'caution' and on GM to give 'clear and transparent' information about its restructuring plans. It was possible to reach 'a good agreement' with GM, said Marcelino Iglesias, prime minister of the Aragon region where the Spanish factory is located. Mendez called for a joint European position in upcoming talks with GM.

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