Despite earlier conflicting reports, a General Motors regulatory filing indicates that the automaker would be willing to sell all of its German subsidiary, Adam Opel GmbH. As recently as yesterday, GM CEO Fritz Henderson had said that the automaker was not willing to sell off 100 percent of the unit, but the filing indicates otherwise.
“We are continuing to work toward a restructuring of our German and certain other European operations, which could include a third-party investment in Adam Opel GmbH that would own all or a significant part of our European operations,” the filing said.
Again, the automaker has been mum on the names and level of interest of outside parties, though Fiat and Magna International repeatedly come up as possible suitors. Still, it seems unlikely that Fiat’s creditors would approve investment in both GM and Chrysler.
If GM were to sell all of Opel, it would significantly reduce the automaker’s reach in Western Europe, where GM Daewoo-built Chevrolets and the occasional Corvette or Cadillac make up a small portion of the automaker’s market share. Likewise, GM’s rumored plans to import Buick-badged Opels, or to build Opel designs in North America, would seem unlikely should the Detroit automaker sell the German unit.
04/28, 9:10 AM
posted by:
JakeK66
Huh,
First cutoff the G8 and now simply sell off the remaining quality arm of GM. Sounds like GM really is divesting in their future. I’ve noticed they have been mum about the Insignia and next Astra as of late, I guess this is why.
04/28, 9:33 AM
posted by:
gehrhardt
C’mon Magna. Buy Opel and some of the Canadian GM factories that are most likely going to close. Then you can build Opels here. Canada needs its own major automaker.
04/28, 9:36 AM
posted by:
zfenderguy
Well that sucks. At least they still have Holden. Them’s some fine cars they make over there.
04/28, 9:58 AM
posted by:
Borat
I don’t think anyone will buy Holden. Company is located on island/continent with more kangaroos then drivers and kangaroos are not keen on Holden.
Jake what business brilliance can you expect out of large government? Who owns GM? I think Opel-FIAT (if FIAT will inherit Opel) will make much better cars then our domestically build Lada with Che Guevara decal on hood and Hugo Chavez on trunk for ornament and instead of steering wheel.
04/28, 10:06 AM
posted by:
orangecones
All I gotta say is, if you have been eyeing the Saturn Astra in the last year or so, but thought they were kinda pricey…here is your chance.
Combine the facts that:
1– due to slow sales of astras in 08, no 09s have been imported, so its still 08 leftover stock
2 — saturn as a brand will be sold or die by end of 09
3 — opel, the producer of the astra, is up on the auction block.
Forget Saturn’s no haggle selling, here is a great time to buy actually a suprisingly good car.
04/28, 10:14 AM
posted by:
zfenderguy
The Astra is a good car too. That XRS 3 door in the top pic looks like a great little runabout. It was European car of the year at some point I think, and is a best seller over there. The car mags seemed to like them too.
04/28, 10:18 AM
posted by:
Architect
The big question is WHY GM would sell of it’s highly acclaimed european arm?! Are they that strapped for cash? Entirely short-sighted….they are completely dismantling their ability to create world-cars.
04/28, 10:42 AM
posted by:
johnnycanuck
gehrhardt, I’ll add my vote for Magna. This is a great opportunity that may never come around again. They could have a contest to get things started. Although I think “roll up the rim to win” would a little more difficult on a steel belted radial than a coffee cup.
04/28, 10:52 AM
posted by:
carstuff
They are reading too much into the filing. The financial guys took the conservative route and put it in as a possible full sale to make sure the paperwork is in if GM has to sell it. Fritz does not want to sell the entire company but will IF he has to to keep GM in business.
04/28, 11:57 AM
posted by:
JakeK66
I will add in my support of Magna. I think it’s an easy transition and they should, and I believe will, buy out Saturn’s distribution here and continue selling Opels to the North American market. It’s a good deal for Magna, a buy one get one free as they will buy it all at once.
If they can do this right, I see a very successful car company springing out of this. Look at Opels and what we are wanting, they have it. Just change the dealers to Opel and its what GM should have done all along, although I see it much more likely to succeed without GM.
04/28, 1:13 PM
posted by:
scratchy
“kangaroos are not keen on Holden.” – that’s only because of bad marketing and how difficult it is for a kangaroo to get a loan…
04/28, 2:00 PM
posted by:
TomF
@JakeK66: If they resurrected the Opel brand name in the States and pumped ‘em through the Saturn network I think that would be brilliant. Those Opels are nice cars and there is a huge market here for Euro brand cachet and styling @ an affordable price, not hecho en Mexico.
04/28, 4:18 PM
posted by:
sprockkets
Even though they will sell them, they could just still rebadge them anyhow. GM doesn’t own Toyota, and that doesn’t stop them from bringing over the Vibe, now dead.
04/28, 4:30 PM
posted by:
carstuff
Sprockkets, the Vibe is not brought over. It is made in California in a GM/Toyota assembly plant.
04/28, 11:52 PM
posted by:
olds307
Never worked on an Opel……… except for the Cadillac CTS w/ the Opel engine, and its TORX oil drain plug which is CHEESEDICK.
04/29, 9:30 AM
posted by:
fan
problem about iimporting opels from europe is, they wouldnt be all that cheap, as the european factories would have to be paid in euro-currency… go see the exchange rate to see where that would get us… proces that would still be cheap for europe (cars are WAY more expensive over there), but way overpriced for the US (eventhough worth every dime of it, but, well, still uncompetitive)
for opel, being sold off GM is the best that can happen… maybe not all on themselves, but anyone would manage them better than GM did…