Even if some voices are hinting that the US played a key role in GM's decision to keep Opel and start restructuring on its own, the US Treasury says it wasn't involved in the talks and the conclusion was solely made by GM's board of directors.
"The administration was not involved with this decision, which was made by GM's board of directors," spokeswoman Meg Reilly was quoted as saying by Autonews.
General Motors announced today, after the monthly meeting held yesterday, that it will retain possession of the German brand and reorganize the company using its own resources. The main reason is that General Motors now has the financial health to keep Opel alive, in spite of its statement that future operations will be based only on four core brands - GMC, Chevrolet, Buick and Cadillac.
“GM will soon present its restructuring plan to Germany and other governments and hopes for its favorable consideration,” said Fritz Henderson, president and CEO. “We understand the complexity and length of this issue has been draining for all involved. However, from the outset, our goal has been to secure the best long term solution for our customers, employee, suppliers, and dealers, which is reflected in the decision reached today. This was deemed to be the most stable and least costly approach for securing Opel/Vauxhall’s long-term future.”
Obviously, Magna had nothing to do than to thank GM for the efforts it did during negotiations and emphasized that it will continue to work with the Canadian - Austrian partsmaker in the supplying business.
"We will continue to support Opel and GM in the challenges ahead and wish to thank everyone who supported the Opel restructuring process for their tireless efforts and dedication over the past several months. In particular, we wish to thank our partner, Sberbank, for its significant contribution and support throughout this process," Siegfried Wolf, Magna's Co-Chief Executive Officer, stated in an official statement.
"The administration was not involved with this decision, which was made by GM's board of directors," spokeswoman Meg Reilly was quoted as saying by Autonews.
General Motors announced today, after the monthly meeting held yesterday, that it will retain possession of the German brand and reorganize the company using its own resources. The main reason is that General Motors now has the financial health to keep Opel alive, in spite of its statement that future operations will be based only on four core brands - GMC, Chevrolet, Buick and Cadillac.
“GM will soon present its restructuring plan to Germany and other governments and hopes for its favorable consideration,” said Fritz Henderson, president and CEO. “We understand the complexity and length of this issue has been draining for all involved. However, from the outset, our goal has been to secure the best long term solution for our customers, employee, suppliers, and dealers, which is reflected in the decision reached today. This was deemed to be the most stable and least costly approach for securing Opel/Vauxhall’s long-term future.”
Obviously, Magna had nothing to do than to thank GM for the efforts it did during negotiations and emphasized that it will continue to work with the Canadian - Austrian partsmaker in the supplying business.
"We will continue to support Opel and GM in the challenges ahead and wish to thank everyone who supported the Opel restructuring process for their tireless efforts and dedication over the past several months. In particular, we wish to thank our partner, Sberbank, for its significant contribution and support throughout this process," Siegfried Wolf, Magna's Co-Chief Executive Officer, stated in an official statement.