Magna Bid for Opel Collapses
November 8, 2009
Looks like Magna will be sticking to its core business of building parts and taking in assembly work for now after its negotiations to take over Opel just fell square on its ass.
Because of that, the Canada-based group has entirely dropped any other proposects in that direction.
“We’re not looking at any other transactions in that space,” said Don Walker, Magna CEO.
GM has decided that it will retain its European brand after seeing some improvement in its business despite having to declare bankruptcy just a few months back.
The whole Opel takeover has been on the table for the good part of the past months. Magna saw its shares jump by 10% following the deal’s collapse.
Source: Autocar
Fiat Bid for Opel is Best It Can Do
June 29, 2009
In an effort to save the established brands, General Motors have put up several of its divisions up for sale. Opel, which had working with or under General Motors since the early part of the last century, has been offered to several possible takers.
Fiat is one of the first who actually put up a bid for Opel. Magna International also put up an offer. A deal with Magna was viewed to be most likely until conflicting reports came out that the deal might not push through.
Fiat re-iterated its bid but CEO Sergio Marchionne confirmed that its existing bid is the best it can offer at the moment. “I don’t believe we could improve Fiat’s offer. It’s the most rational one we can put forward from an industrial viewpoint,” Marchionne said told reporters.
Marchionne’s statement is just a reminder that they are still open to talks. Fiat has acquired 20% of another US automaker in Chrysler. Part of its aims is to expand a foothold in the US market.
Fiat never made it past to a second round of talks with General Motors. GM and Magna seemed to have hit it off even striking a preliminary deal. Insiders are now saying that an Opel-Magna deal is on shaky ground right now.
Source: Reuters
Opel Working on Astra Cabriolet
June 25, 2009
Opel is already working on the variants for the new Opel Astra, including the wagon and sports coupe versions. Now, the automaker is also reportedly working on a new cabriolet version for the 5-door hatchback, which should replace and even exceed the current Opel Astra TwinTop.
While no details on the cabrio’s powertrain specs have been released, sources say that options include a 2.0-liter turbocharged petrol engine good for 270 horsepower. This would give the cabrio a top speed in excess of 150 mph and a 0-60mph time of under 6 seconds. Diesel options should include a 1.4-liter turbo good for 150 horsepower and another 2.0-liter CDTI engine that goes for 170 horsepower.
This Astra variant could feature just 2 seats, and it should have other premium features such as a folding metal hard-top, xenon headlights, chrome exhausts, and a new body kit.
The Opel Astra cabriolet is expected to compete with similar roadsters from Mini and Volkswagen. The new Opel Astra isn’t even launched globally, and the wagon and coupe variants should be released after that. This means the cabriolet could still take quite a bit of time before its debut.
Magna Wants to Separate Opel Operations
June 21, 2009
To allay certain fears expressed by companies that it supplies, Magna International will be separating its auto parts business from that of Opel, the car manufacturer that the company purchased from General Motors.
Magna is one of the largest suppliers of a variety of auto parts, and its clientele includes such car manufacturers as Volkswagen. Those companies have expressed concern that the auto parts giant’s acquisition of Opel / Vauxhall could potentially create conflicts of interest.
“We do understand Magna is an auto parts company and Opel is a car company,” remarks Magna Co-Chief Executive Officer Donald Walker. “So, if we complete this then we have to have a complete firewall between the two business units and that is under discussion right now.” Walker added that all the necessary measures will be made in order to prevent conflicts of interest.
I don’t think anybody wants to lose clients, especially in the current economic conditions. We’ll see how effective Magna’s “complete firewall” really is—that is, once the Opel-Magna sale finally pushes through.
Mandelson Says Opel Sale is a ‘Painful Change’
May 24, 2009
Peter Mandelson, the British Secretary of State for Business, Enterprise and Regulatory Reform, has spoken about the impending sale of GM Europe, saying that it will result in a “painful change” regardless of who wins the Opel sweepstakes.
“Whoever comes out as the successful bidder will cut costs and consolidate,” said Mandelson. “We have to ensure that productive plants, where the greatest percentage of sales takes place and which include UK Vauxhall plants, have a secure future. That is what I am working for.”
The biggest point concerning the Opel takeover is that it may lead to massive job cuts for such plants as Vauxhall in the UK. Factories in other countries such as Germany and Italy are protected by the government, so the new Opel owners might turn to the UK for cuts.
Additionally, Mandelson stressed that the criticisms of UK scrappage scheme are unfounded. Many claim that the scheme only helps manufacturers from overseas because of the sheer amount of cars sold in the UK are made from outside it. Mandelson says this is not the case, saying that British-made components are used in the UK scrappage scheme, as well as other similar schemes in other European countries.
Opel Insignia Bags Red Dot Design Award
May 19, 2009
The Opel Insignia has been awarded one of the most prestigious design awards in the world after bagging the Red Dot award for product design, a testament to the iconic large family car.
“It is a very special honor to receive this endorsement from an international jury of non-automotive designers,” said Mark Adams, GM Europe Vice President of Design. “It confirms that Opel is on the right track of offering bold, dynamic style.”
True enough, the Insignia’s sleek and chiseled form won the day, despite stiff competition that made the job of the Red Dot jury “exceptionally difficult this year.” Opel had won Red Dot awards for previous models, namely the GT, Astra GTC, and the 1998 Astra G.
The Opel Insignia adds the Red Dot trophy to the European Car of the Year, awarded by Euro motoring press after a close voting where the Insignia edged out the Ford Fiesta by a single vote. With this design award, the Insignia proves once again that it is a car worthy of its name, symbolizing the very core of what Opel aims for.
Source: Motor Torquewatch bones in divx free madagascar escape 2 africa download winterset dvdrip
Recent Comments