Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Nyse  >  General Motors Corporation    GM

GENERAL MOTORS CORPORATION (GM)
Mes dernières consult.
Most popular
  Report  
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsofficial PublicationsSector newsTweets

Merkel says to do all she can to secure Opel jobs in Germany

share with twitter share with LinkedIn share with facebook
share via e-mail
0
02/17/2017 | 03:33pm CEST
Opel workers on their way to join the unions meeting at the compnay headquarters in Ruesselsheim

BERLIN/RUESSELSHEIM, Germany (Reuters) - Germany will do all it can to secure Opel plants and jobs in the country if Peugeot maker PSA buys the General Motors (GM) business, Chancellor Angela Merkel said on Friday, highlighting the political challenges the carmakers face in sealing a deal.

Her comments came as workers' representatives at German-headquartered Opel said they were prepared to hold talks with PSA (>> Peugeot), as long as commitments to jobs and investments were upheld - some of which extend beyond 2020.

GM (>> General Motors Company) and PSA said this week they were in talks over a potential deal for the French carmaker to buy GM's European arm Opel, sparking concerns in Germany and Britain of job losses. Germany accounts for about half of Opel's 38,000 staff, while 4,500 are in Britain where Opel operates as Vauxhall.

Europe's car industry has been dogged for years by overcapacity and analysts think cuts will be needed for a deal to make sense. Two sources close to PSA told Reuters on Thursday that job and plant cuts were part of the tie-up talks, with the two Vauxhall sites in Britain in the front line.

However, any job losses would be fraught with difficulties, with elections in both Germany and France this year and Britain anxious to prove its departure from the European Union will not lead foreign investors to pull out.

"With Opel, the talks are under way. The government has a coordination process under way," Merkel told reporters after meeting Canadian Prime Minister Justin Trudeau in Berlin.

"We will do everything we can politically to secure jobs and sites in Germany," she added.

Merkel helped broker a deal in 2009 for Opel to receive government guarantees if GM sold a stake in the business to Canadian auto parts supplier Magna (>> Magna International Inc.) to avert mass lay-offs among Opel's German workforce.

GM ended up pulling the plug on that plan, however, instead restructuring, shutting Opel factories in Belgium and Germany and withdrawing the Saab and Chevrolet brands from sale.

DAILY CONTACTS

Earlier, British business minister Greg Clark said he had been told by PSA executives in a meeting on Thursday evening that the French company planned to build on the success of the Vauxhall business if it succeeded in buying Opel.

French Industry Minister Christophe Sirugue also pledged on Friday to stay in daily contact with the German and British governments on the potential deal. The French government owns a 14 percent stake in PSA.

For PSA, owner of the Peugeot, Citroen and DS brands, buying Opel would give it a 16.3 percent share of Europe's passenger car market, vaulting it into second place in the region, ahead of France's Renault (>> Renault) but behind Germany's Volkswagen (>> Volkswagen AG).

While economies of scale could help PSA reduce Opel's long-running losses, many analysts think it would also need to make cost cuts to make the deal work.

But Opel's labour leaders are in no mood for compromise.

"The fundamental basis for these talks ... must be the unequivocal recognition and implementation of existing agreements for all Opel/Vauxhall sites," the German and European works councils and trade union IG Metall said in a statement on Friday.

Opel Chief Executive Karl-Thomas Neumann tweeted: "A combination with PSA makes fundamental sense. I have great understanding for our staff and customers' many questions."

At Opel's headquarters in Ruesselsheim near Frankfurt, where European works council chairman Wolfgang Schaefer-Klug briefed staff for about 45 minutes on Friday, workers took the latest twist in Opel's fate in their stride.

"Comment allez-vous?" one grinning worker greeted another following the meeting.

(Additional reporting by Jean-Baptiste Vey in Paris and Kate Holton in London; Writing by Georgina Prodhan and Mark Potter; Editing by Maria Sheahan/Keith Weir)

By Paul Carrel and Edward Taylor

Stocks mentioned in the article
ChangeLast1st jan.
MAGNA INTERNATIONAL INC. -0.86% 75.78 Delayed Quote.5.57%
PEUGEOT -0.96% 20.53 Real-time Quote.22.26%
RENAULT -1.08% 93.37 Real-time Quote.12.49%
VOLKSWAGEN 0.12% 169.64 Delayed Quote.1.80%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on GENERAL MOTORS CORPORATION
05:53aGENERAL MOTORS : GM, South Korea weigh raising investment plan in unit from $2.8..
RE
05:43aGENERAL MOTORS : GM, South Korea weigh raising investment plan in unit from $2.8..
RE
04/24PEUGEOT : Opel workers protest cuts as Peugeot boss digs in
RE
04/24GENERAL MOTORS : Amazon now delivers packages straight to car boots
AQ
04/24AMAZON COM : Can Now Deliver Packages to Your Car
DJ
04/24GENERAL MOTORS : Get Into My Car ... Amazon begins delivery to vehicles
AQ
04/24GENERAL MOTORS : Amazon Packages Can Now Be Delivered to More Than 7 Million Che..
PR
04/24GENERAL MOTORS : GM Korea averts bankruptcy but how long will it stay?
RE
04/24PEUGEOT : PSA first-quarter sales jump 42 percent on Opel-Vauxhall acquisition
RE
04/24PEUGEOT : PSA first-quarter sales jump 42 percent on Opel-Vauxhall acquisition
RE
More news
News from SeekingAlpha
04/24Amazon teams with GM, Volvo for in-trunk deliveries 
04/24So Germany Is Interested In Bolivia's Lithium - Is It The Best Option For The.. 
04/23Appeals court nixes Trump delay of auto efficiency standards penalty 
04/23Treasury Yields Head Towards 3%, While Flipkart Investors Await Walmart's Off.. 
04/23How To Retire At 65 With Only Half A Million 
Financials ($)
Sales 2018 144 B
EBIT 2018 11 251 M
Net income 2018 8 972 M
Finance 2018 6 161 M
Yield 2018 4,15%
P/E ratio 2018 6,05
P/E ratio 2019 6,01
EV / Sales 2018 0,32x
EV / Sales 2019 0,31x
Capitalization 52 674 M
Chart GENERAL MOTORS CORPORATION
Duration : Period :
General Motors Corporation Technical Analysis Chart | GM | US37045V1008 | 4-Traders
Technical analysis trends GENERAL MOTORS CORPORATION
Short TermMid-TermLong Term
TrendsBullishBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 47,4 $
Spread / Average Target 26%
EPS Revisions
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
Sector and Competitors
1st jan.Capitalization (M$)
GENERAL MOTORS CORPORATION-8.05%52 674
TOYOTA MOTOR CORP-2.60%208 642
VOLKSWAGEN1.80%104 290
DAIMLER-7.70%85 119
BAYERISCHE MOTOREN WERKE4.83%72 316
HONDA MOTOR CO LTD-4.71%61 301