Archive for the ‘Opel’ Category

posted by GM Fan on Nov 12

Carl-Peter Forster, president of Opel and GM group VP, will vacate his post as the head of the company’s European operations and will most likely advise Opel to find a new top executive.

Forster’s departure triggers the hunt for the next CEO but the most likely replacement is no longer a stranger to GM, no one else but its czar Bob Lutz.

These decisions and movements come after General Motors decides to keep Opel that sell most of its shares to Sberbank and Magna. Bob Lutz will most likely be the Chairman of the supervisory board for Opel.

European operation is not new to Lutz who started his career with GM Europe from 1963 to 1971. He also played the role of executive VP for the BMW sales between 1971 and 1974. He also served as chairman of the European division of Ford in the early 1980’s.

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posted by GM Fan on May 21

Three firms— Fiat, Magna, and RHJ— lead the pack to buy Opel, a General Motors subsidiary. Bids for buying Opel were due last Wednesday and it has been confirmed that the Italian car maker Fiat, Belgian investment firm RHJ, and Canadian company Magna International formally placed their offer.

General Motors is against the wall as it faces the June 1 deadline of the federal government to restructure their business and come up with compromise deals with its debtors so they can get more loans.

Insiders have warned that the car manufacturer might not be able to beat the deadline. Experts foresee GM to seek bankruptcy protection when the bell rings on June 1.

Earlier reports cited Fiat as the favored bidder with greater than 50% potential of winning the Opel takeover as based on the expertise that the company has. The latest information suggests that some German officials have expressed preference for the offer from Magna International.

GM officials are also skeptical of the plans of Fiat top executives to combine the Opel business with its stakes on Chrysler LLC and the automaker’s operation in Europe and Latin America.

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