GM U-turn leaves Sberbank Magna Opel plans on road to nowhere
Published: 04 November, 2009, 08:33
Edited: 04 November, 2009, 21:03
After a 6 hour board meeting, General Motors has walked away from the planned sale of a majority stakeholding in its German arm, Opel, to the Magna Sberbank joint venture it reached final agreement with just weeks ago.
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American way of doing business. A lot to learn about their reliability and behavior. Best, Luca Valenzin
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This is very confusing to me even though I'm living in the Detroit Metro area. From what I've read here @ RT, read in the Automotive News (Detroit) and heard on Voice of Russia, without the German govt's bridge loan, Opel would have ceased as a company. Many people here in the USA are equally "tired" of GM's shenanigans and have bought cars from other companies. What's shocking as well to me is that these are more or less the same people (primarily Lutz) who rode GM into the ground in the first place. Now flush with Obama money and with I guess dreams of selling Opel electrics in Russia with no tariffs; it's too tempting to not to try to fool "everybody again" with another scam. I'm disgusted.