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GM to cut 10,000 Opel jobs

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GM to cut 10,000 Opel jobs

05.11.2009
General Motors (GM) has said that it will cut 10,000 jobs across its European car division Opel.

The US car maker made the announcement one day after it cancelled the sale of Opel to a consortium of investors led by Canadian automotive company Magna International.

The 10,000 jobs GM is proposing to cut at Opel is broadly similar to the amount that Magna had proposed under its ownership of the European car brand.

The decision to cancel the deal has sparked outrage in Germany. The German Government has demanded that GM pay back a €1.5bn bridging loan it gave to the US car maker, while German unions said yesterday that Opel workers would commence walk-outs from today in response to GM’s decision.

Germany’s Economy Minister Rainer Bruederle described GM’s decision to cancel the Opel deal as “totally unacceptable”, and vowed to get taxpayers’ money back from the US corporation.

GM’s decision, which was apparently taken following a six-hour meeting of the GM board last night, thwarts months of negotiations which also involved the German State and represents quite a setback to recently re-elected Chancellor Angela Merkel (pictured).

Magna had agreed to invest €500m in return for a majority stake in Opel, while the German Government was due to plough €4.5bn in loans into the car maker under the deal.

 

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