General Motors Europe’s Response To Fiat Interest

Posted on 05. May, 2009 by in 2000-2009

Eric Geers of Saab Autombile has provided Saab History General Motors Europe’s response to the recent news of Fiat’s interest in acquiring them.

A thank you to Mr. Geers, it must be insane from a PR standpoint these days with the days getting closer to and end to reconstruction, a new buyer and now Fiat tells the world they want GM Europe and all of the products within it (ie. Opel, Vauxhall & Saab).

GM Europe is in talks with several possible investors. We see good and realistic interest of some of these possible investors. We have agreed to not communicate names of possible investors and we do not speculate about the timing of the negotiations. We also do not speculate about the content of the talks between the German government and the FIAT management.

GM Europe has developed a viability plan to ensure a long-term future of the company in the European market. As part of this viability plan, GME is continuing its discussions with potential investors to obtain funding to enable continued operations and with the German government regarding support. The initial outreach for third-party investors has been very promising. We expect that Opel/Vauxhall will become a significantly more independent part of a strong global GM product network as we navigate
these very difficult economic times. GME is continuing negotiations with employee representatives regarding a reduction in labor cost.

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