...In Europe, the Detroit-based automaker’s only unprofitable region, losses totaled $637 million before interest and taxes in the first half. Its updated Astra compact failed to reverse a drop in market share and unions still are stinging over plans to close Adam Opel GmbH’s factory in Antwerp, Belgium.
Akerson’s appointment last week erased one of the biggest questions over the IPO, giving investors a long-term chief instead of 68-year-old Ed Whitacre. Possible buyers now want to know whether Akerson has a plan to stem the losses in Europe, investors said. GM may seek to raise as much as $16 billion in the offering, a person familiar with the situation has said.
“One of the aspects to consider before deciding upon the IPO is to see a more specific roadmap for how, and by when, they are going to turn Opel around,” said Raimund Saxinger, a fund manager at Frankfurt Trust Investment GmbH, which oversees about $21 billion including automaker shares....
I always understood, GM was suppose to sell OPEL to receive the monies for the USA people. No?
FRANKFURT (MarketWatch) -- General Motors said Thursday it will sell a majority stake in its European Opel and Vauxhall operations to the consortium of Canada's Magna International Inc. and Russia's Sberbank, ending weeks of speculation and handing an important victory to Germany's chancellor ahead of national elections....
http://www.marketwatch.com/story/gm-set-to-sell-opel-unit-to-magna-reports-2009-09-10
And GM is closing down plants in the USA yet today. So let me see if I get this right. GM is losing money in Europe, but, in order to return to an IPO, which would give the CEO an nice bonus, they are selling American assets in order to boost the losing operations in Europe.
See, that is why they want to move the entire manufacture of the Volt to Europe. So they can have their bonuses and IPO. Has nothing to do with morality, loyality or good worker ethic or even pride in their heritage. It is all about M. O. N. E. Y.
Showdown Set Over GM's Indy Facility
By wibc.com
8/15/2010
The future of General Motors' stamping plant in Indianapolis will likely be decided this week.
A United Auto Workers official tells our partners at Inside INdiana Business that the automaker will post details of a wind down of operations at its Indianapolis stamping plant "Tuesday or Wednesday at the latest."
National UAW representatives were in Indianapolis Sunday to present details of a tentative agreement to sell the facility, but Region 3 Director Mo Davison says workers "were unruly, chanting and making it impossible to conduct the meeting." He adds that "some of the (national) representatives feared for their safety"
In recent months, UAW Local 23 members have rejected the idea of concessions as part of a sale of the plant. Davison says he's "never seen anything like it."
GM has said if a sale is not completed, it would close the stamping plant, which currently employs more than 650.
http://www.wibc.com/news/Story.aspx?id=1265178
Who told you Akerson was a hatchet man?
Did I tell you Carlyle's Akerson was a hatchet man?
Did I tell you or did I tell you?
Now.
Who do you believe here?
Huh?
Who loves you?
