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GENERAL MOTORS CORPORATION (GM)
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Delayed Quote. Delayed  - 04/20 10:00:27 pm
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General Motors Company : Opel revamp deal expected this week - German union

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02/28/2013 | 01:35pm CEST
Leaves of a tree are pictured in front of a factory building with a logo of German car manufacturer Opel at the headquarters in Ruesselsheim

HAMBURG/FRANKFURT (Reuters) - German union IG Metall expects to strike a deal this week with General Motors Co's Opel unit over the restructuring of the carmaker's German operations.

"We are just about to reach an agreement," said a spokesman for IG Metall on Thursday.

The negotiations, which started in June and were supposed to complete by the end of October, could be concluded on Thursday but may need an extra day, according to the union spokesman.

Opel could not be reached immediately for comment.

The deal is expected to extend job guarantees by another two years to 2016 for all four German plants, which together employ around 20,000 workers.

At the start of 2017 at the latest, however, assembly lines at the Bochum car plant will cease running and only some components and warehousing jobs will remain under the deal.

A union source involved in the negotiations told Reuters labour leaders were not willing to agree on further wage concessions and job cuts in Bochum.

Workers fear GM wants to "hollow out" Opel, where labour has had certain rights under German law ever since it became a joint stock company in 2010.

Operating assets outside of Germany once owned by the company were being successively regrouped directly under parent GM, triggering union suspicions that Detroit wanted to undermine union influence in product, investment and strategy decisions.

Unions want to avoid further decisions such as the one taken a year ago to build the Opel Antara SUV in South Korea, taken by parent GM above the heads of Opel management and its supervisory board, in which unions have a seat at the table.

GM's second-largest brand behind only Chevrolet, Opel has lost billions in recent years as Europe's car market has plumbed near 20 year lows, despite repeated bouts of job cuts that included closing a car plant in Belgium at the end of 2010.

(Editing by David Holmes)

By Jan Schwartz and Christiaan Hetzner

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Financials ($)
Sales 2018 144 B
EBIT 2018 11 251 M
Net income 2018 8 823 M
Finance 2018 6 161 M
Yield 2018 4,16%
P/E ratio 2018 6,03
P/E ratio 2019 6,00
EV / Sales 2018 0,32x
EV / Sales 2019 0,31x
Capitalization 52 674 M
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General Motors Corporation Technical Analysis Chart | GM | US37045V1008 | 4-Traders
Technical analysis trends GENERAL MOTORS CORPORATION
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Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 47,4 $
Spread / Average Target 26%
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Managers
NameTitle
Mary Teresa Barra Chairman & Chief Executive Officer
Daniel Ammann President
Charles K. Stevens Chief Financial Officer & Executive Vice President
Randall D. Mott Chief Information Officer & Senior Vice President
Patricia Fiorello Russo Independent Director
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