Straight out of left field comes news of an offer from German solar energy company SolarWorld to acquire Opel from General Motors. The company has apparently made a formal offer to GM to the tune of $1.3 billon. “It’s a serious offer,” CEO Frank Asbeck told Reuters. “It’s not a gag.”
SolarWorld is one of the largest solar energy firms in Germany, employing 2,100 people. In 2006, the company made the surprise move of acquiring the solar activities of oil giant Shell. Asbeck said acquiring Opel would allow his company to develop a new generation of vehicles based on alternative energy technologies.
The offer to GM reportedly consists of $350 million in cash, $950 million in credit lines.
Asbeck said he wants to “free” Opel from GM. “I see a need to overhaul our manufacturing sector. Just like we have seen in the alternative energy area, the auto industry must be overhauled. That means we need to build cars of the future — electric, hybrid engines, this can’t be left to the Japanese,” Frank Asbeck told Deutschlandfunk radio.
“This is already in the heads of the developers at Opel, but they must be freed from the restraints of General Motors,” he added.
“This is nonsense,” IHS Global Insight analyst Christophe Stuermer told the AFP. But Tim Urquhart, also an analyst with IHS Global Insight, had a different take, calling the move “highly ambitious and remarkable.”
Asbeck told the U.K.’s Times his company is ready to take on an automaker. “The group has already been working for some years on the development and testing of electric drive vehicles that are propelled by solar energy and that even participate successfully in motor racing,” he said.
So far, GM has downplayed the reports. GM Europe spokeswoman Karin Kirchner told the Associated Press that “Opel is not for sale.” But with GM running out of cash and in desperate need of additional funds, anything seems possible. As always, stay tuned!
11/20, 3:56 AM
posted by:
andy
so it would save GM for another month.. big whoop, just keep er’.. captain goes down with the ship.. and takes Opel with him
really though, Opel has to be worth more than a month to GM
11/20, 5:22 AM
posted by:
JohnnyBlazE
So… does that mean Opel, Vauxhall and Holden, or just the Opel brand (which would make no sense?)
I’m confused
11/20, 8:19 AM
posted by:
Gundy
Aren’t GM’s “best” cars, quality-and-styling-wise, in general, rebadged Opels? I guess that’s only for Saturn come to think of it. Yeah, it’d be a quick influx of cash, then back even deeper in the hole without Opel.
11/20, 8:39 AM
posted by:
Architect
That’s a ridiculous offer. Not to mention that there is no way GM would off-load that “well” of engineering and design talent…one of their bright spots.
11/20, 9:18 AM
posted by:
Lionwithoutpride
How many times have we heard it mentioned that it takes about a billion dollars to bring an auto from design to rolling off the line? Maybe Opel is a LOT more efficient; but, there is no way that Opel is only worth $1 billion. That price tag would make more sense if the solar company was looking to tie up with Opel to produce the engines Mr. Asbeck seems to think GM is incapable of envisioning; but, the price makes no sense for an outright buy.
Maybe GM should re-incorporate in Tokyo. Then they could start taking advantage of all of the “help” the Japanese government gives to its auto industry and they could learn a thing or two from Toyota and Honda. Yeah, I can see it now . . . Tokugawa Motors . . .
11/20, 10:46 AM
posted by:
elviososa
When you have no choice , you have to sell…..beside, GM did mis-managed their products.
11/20, 11:23 AM
posted by:
fan
GM should grip it… they cant appreciate their german subsidiary, so they can as well sell it off… Opel will be better off without GM; and GM itself is screwed up anyway… no need to tear down the “gem” of their portfolio… dont really care if those solar guys want vauxhall or holden, as far as im concerned, at least vaushall hasnt produced any original design since the 1970s, their just a rebadgification of opel, thus even worse than saturn, becuase saturn at least makes SOMEthing original… (be it good looking or not, they DO)
as for holden… do the aussies even know they belong to GM? hope they dont, cause thats usually when kids fall of trees… after some stupid grown up tells them about “gravity” and how it affects everything
11/20, 11:51 AM
posted by:
TomF
Opel isn’t viable without GM. This is silly. And 1.3 billion is only enough cash to run GM for two weeks.
11/20, 11:53 AM
posted by:
TOZO
SolarWorld could just buy all of GM for $1.3 Billion, since GM’s market capitalization is $1.3 Billion anyway at $2 per share (the current price!). The whole company is only worth $1.3 Billion. It comes with multibillions in debt, but SolarWorld will get all the brands! Why only Opel?
11/20, 11:57 AM
posted by:
mayer_ray_nagin
What happened to all the other articles that were here an hour ago?
LLN – I like this site but it has become a disaster since you changed formats. Load times suck, the gallery functions only half the time if that, and now articles come and go. SHEESH!
11/20, 12:04 PM
posted by:
Lariat Luxury Locomotive Liner No.3
Dr. Evil: “I’ll give you one million dollars for Opel!” “Oh, make that one billion dollars for Opel!”
11/20, 12:49 PM
posted by:
johnnycanuck
I understand SeaWorld is also willing to help Orcastrate this deal.
11/20, 4:58 PM
posted by:
fan
@ tozo: why would solarworld bother getting the sh1tty load of other GM-Brands? Only brand thats not all down the drain is the brandname corvette, but what would a Eco-Company want with THAT name? Face it, even if they make a corvette that runs on trash and exhausts pristine water, its heritage wouldnt fit a company that earns its dough producing things treehuggers will like…
11/20, 9:49 PM
posted by:
DrFill
Very smart offer!
Sitting behind Door #1, over $1 Billion dollars
Sitting behind Door #2, UAW contracts and BK
Sitting behind Door #2, US Congress with torches and pitchforks
And that’s just the month of November!
November is sweeps month
It’s like the Jerry Springer show over at GM Headquarters!
DrFill