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’Hummer, RIP [Updated]
Say farewell to the Hummer, that gas-guzzling vehicle beloved of rappers, would-be oligarchs and the handful of people who actually need to scale mountains in a four-wheel drive.
As AP reported on Wednesday:
Henderson ousted from GM
General Motors ousted Fritz Henderson as chief executive on Tuesday night in a surprise move that will see the ailing US state-controlled carmaker get its second new boss in less than a year. GM directors – including Ed Whitacre,
New bidders emerge for car maker Saab
Saab, the Swedish car maker put on the block by its American parent General Motors, is in talks with at least two potential buyers following the collapse of the sale to sports car maker Koenigsegg, the Telegraph reported. Beijing Automotive Industry Holdings,
Hope recedes for Saab rescue
Sweden’s government has admitted that time is running out to save Saab Automobile from liquidation after niche carmaker Koenigsegg abandoned a provisional deal to buy the loss-making company on Tuesday.
Koenigsegg abandons Saab deal
The future of Saab was in doubt on Tuesday after a consortium led by Swedish niche carmaker Koenigsegg pulled out of talks to buy General Motors’ premium car brand. Koenigsegg blamed the move on delays in closing the deal after months of negotiations with the Swedish government over financial support.
GMAC chief ousted amid bailout talks
Alvaro de Molina was ousted on Monday as chief executive of GMAC Financial Services, the lending arm of General Motors, after little more than 18 months in the job as the troubled lender continued talks with the US Treasury over a third government bail-out.
GM to begin repaying bail-out
General Motors on Monday reported a further loss in its first quarter since leaving bankruptcy, but said it would begin repaying its bail-out loans to the US and Canadian governments next month. The US government-controlled carmaker reported a $1.15bn after-tax loss for the 83 days from then to end-September,
Germany, Russia furious at Opel blow
Germany and Russia reacted furiously to General Motors’ surprise decision this week to abandon the sale of Opel/Vauxhall to Canada’s Magna and Russia’s Sberbank and set the stage for a fresh confrontation between Germany and GM,
CDS report: Earnings beats, positive data boost sentiment
Markit’s Gavan Nolan wrote this CDS report
European credit indices recovered losses from yesterday’s correction amid signs that the major economies are continuing to improve. The Markit iTraxx Europe index was trading around 87bp,
Shock as GM pulls out of Opel sale
GM has abandoned its planned sale of Opel to Canada’s Magna and Russia’s Sberbank, dealing a blow to Germany, which has spent months negotiating the controversial deal, as well as to the buyers. After a board meeting on Tuesday,
GM set to agree Opel stake sale
General Motors will announce on Thursday it has reached an agreement to sell 55% of Opel to Magna and Sberbank despite its failure to secure Spanish consent to move a production line to Germany. Binding share purchase agreements are set to be signed on Thursday between GM,
Tengzhong set to seal Hummer deal
China’s Tengzhong may finalize a deal to buy GM’s Hummer business for about $150m on Friday, in China’s biggest brand grab since Lenovo bought IBM’s PC unit in 2005, reports Reuters. A successful deal would also mark the first major acquisition of distressed US auto assets in the global downturn by Chinese companies seeking to acquire high-profile names and Western technology.
UK raises ‘subsidy war’ fear over Opel
Lord Mandelson, UK business secretary, urged Brussels on Thursday to ensure that Germany’s offer of multibillion-euro subsidies for the sale of GM’s European arm does not begin a “subsidy war”,
Magna feels the heat over Opel plans
Magna’s plans to take a majority stake in GM’s loss-making European arm Opel triggered a backlash on Tuesday when German carmakers Volkswagen and BMW voiced unease over the deal and warned that they would review links with the Canadian car parts supplier,
Brussels to examine Magna deal
The European Commission is to scrutinise German backing for the takeover of GM’s European operations amid concern that planned job cuts could be influenced by political factors. Signalling a hard line on the issue,
Weekend catch-up
In case you missed these stories:
- Opel deal sparks European backlash
GM’s deal to sell its European business to a Canadian-Russian consortium drew criticism around Europe on Friday, as Belgium accused Berlin of reverting to protectionism,
GM opts for Magna in Opel deal
General Motors is to sell Opel, its lossmaking European subsidiary, to Canada’s Magna International and Russia’s Sberbank, ending months of uncertainty over the carmaker’s fate that had threatened to overshadow this month’s German elections.
Koenigsegg secures Saab funds
Koenigsegg Automotive, the sportscar maker, is poised to announce additional funding behind its purchase of Saab Automobile after weeks of uncertainty over the deal. The tiny Swedish manufacturer, which makes ultra-fast,
RHJ offers more for GM’s Opel
RHJ International increased its offer for GM’s Opel unit, agreeing to inject more cash into the unprofitable division and seek less in loan guarantees from the German government, reports Bloomberg. Under the revised bid,
GM and Berlin in Opel stalemate
Talks between General Motors and a German government task force on the future of Opel on Tuesday failed to end the stalemate over the spin-off of the US carmaker’s European arm. John Smith, GM’s chief negotiator,
GM considers shelving Opel plan
General Motors is looking at shelving a German-backed bailout of its Opel European car arm amid growing fears that long-running talks on the deal will end in failure. The US carmaker and its advisers are instead considering raising about €3bn ($4.3bn) of rescue funds for Opel and its British Vauxhall brand from the US and other European governments,
Berlin irked by GM’s Opel delay
Germany’s government has expressed irritation at General Motors’ failure to decide on a preferred bidder for a controlling stake in Opel/Vauxhall, heightening tensions over the future of the European carmaker.
‘Cash-for-clunkers’ boosts US car sales
Car sales in the US surged by about 16% last month compared with June thanks to demand generated by car scrappage incentives. But year-on-year sales remained lower for most carmakers. GM and Chrysler, which have emerged from court-supervised restructurings,
Delphi lenders prevail in auction
Lenders to Delphi are poised to take control of the bankrupt US auto-parts supplier, scuppering a government-orchestrated $3.6bn deal to sell the company to General Motors and buyout firm Platinum Equity,
GM rejects Beijing Auto bid for Opel
General Motors is to press ahead with talks with Magna International and RHJ International for a stake in its Opel business, after rejecting a bid from China’s Beijing Automotive Industry Corp. GM’s announcement is the latest twist in the saga over the future of the US group’s car businesses in Europe.
RHJ vows to put Opel in profit by 2011
RHJ International is promising to make Opel profitable by 2011 and keep its two Vauxhall plants in the UK open as part of its bid for the European business of General Motors, the FT said. The Brussels-listed industrial holding,
RHJ prepares improved Opel offer
RHJ International will present General Motors with an improved offer for a controlling stake of Opel on Monday or Tuesday, the FT said, citing two people familiar with the plans. In May, GM signed a memorandum of understanding on the stake with Magna International,
GM close to Opel deal with RHJ
General Motors has stepped up negotiations with rival suitors to offload a stake in Opel, its European business, and could sign at least one MoU this week as talks with Magna International, the preferred bidder,
Hedge funds protest Delphi sale plan
Hedge fund lenders to Delphi, the car parts maker with close links to General Motors, are seeking to disrupt the two bankrupt companies’ restructuring plans by objecting to an allegedly secretive deal under which Delphi plans to sell its assets to GM and California-based Platinum Equity.
Koenigsegg set to buy GM’s Saab
Koenigsegg, the Swedish producer of supercars, has teamed up with Norwegian investors to buy Saab, General Motors’ Swedish premium brand. GM plans shortly to announce exclusive sales talks with the company.