The decision was made during the board meeting held this week and is, according to Opel officials, an important step in the restructuring process of last year's battered carmaker. The decision marks the return of Opel to a stock corporation status, after it gave it up in 2005.
“I am pleased that we got the support from the Supervisory Board to change Opel to an AG. This is appropriate for a company like Opel and is a further step in our progress to return the company to a leadership position,” said Opel's CEO Nick Reilly.
“The management board is happy to recognise the accountability it has. Already we have improved our financial position versus the plan we presented at the beginning of this year and we are delighted by the reception of our recent products by the motoring press and public.”
The decision made this week pleases the carmaker's unions, who have been asking for this outcome during the harsh restructuring negotiations. The unions have agreed to EUR265 million wage cuts in exchange for an AG status.
“The change of the legal form into a stock corporation is an important milestone for Opel. The Opel management is ultimately responsible for Opel’s products. The return to a stock corporation has been a core request from the employee representatives,” added Klaus Franz, head of the works council.
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