Business News

Nov 10, 2009, 9:50 GMT

Merkel says GM must bear main cost of Opel revamp

Berlin - German Chancellor Angela Merkel said Tuesday the giant US carmaker General Motors would have to bear the main burden of the cost of restructuring its troubled European Opel offshoot. Speaking to parliament, Merkel said that the Detroit-based GM would have to fund the major part of the Opel revamp from its own resources. Her comments came as GM prepares to unveil this week its restructuring plan for Opel, which includes operations in Germany, Belgium and Spain as well as Britain's Vauxhall brand. The chancellor's remarks also come about a week after GM announced that it was abandoning moves to sell off a majority stake in Opel. Instead GM now plans to restructure its European unit itself. GM chief Fritz Henderson arrived in Germany on Monday ahead of the company setting out its proposals for Opel. This is expected to result in GM slashing Opel's more-than 50,000 European workforce by 10,000. But unions are also concerned that GM plans to close plants, with the Opel factory in the Belgium city of Antwerp in particular seen to be facing an uncertain future.

And Also

The Decade: Film's 10 Best Music Moments In The Aughts

The Decade: Film's 10 Best Music Moments In The Aughts - Cinema Blend
GASP: Goldstriker creates world's most expensive iPhone - The Tech Herald
Mysteries of "Zhu Zhu Hamsters," "Al Alberts," and "White House Party Crashers" Solved - PopEater
Chris Rock interview, Sons of Anarchy and Woody Allen shout out for 'Madagascar' star

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

10 beers so weird even Drew wouldn't drink them. Yeah, they're THAT weird [Scary]
Photoshop this... umm, whatever this is... at the AMAs [Photoshop]
NASA: Evidence of life on Mars [Cool]

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