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General Motors' board is balking at selling its troubled European unit, which has created complications for the German government and the companies looking to buy Opel.

Keep Opel

Pros: GM retains Opel's engineering platform and a toehold in the European market.

Cons: The company has lost money for the past three years and has a heavily unionized work force..

Sell to Magna

Pros: The deal would get financing from the German government, and support from Opel's unions.

Cons: GM has concerns about Magna's two Russian partners and worries about the Canadian company's plans to try to sell the brand in North America.

Sell to RHJ

Pros: A sale to a financial company might mean that GM could buy back a slimmed-down, profitable version of the European auto maker.

Cons: The proposal lacks the support of the German government and Opel's powerful unions, both of which fear job cuts.

Sell to Fiat

Pros: Merging Fiat and Opel would create a European automotive powerhouse, second only to Volkswagen.

Cons: The idea would see the closure of several Fiat and Opel factories and the launch of Fiat and Opel cars on common platforms. The Opel unions believe they would bear the brunt of the merger's cost-reduction efforts.

Close Opel

Pros: GM jettisons a money-losing operation.

Cons: It would be costly and a potential public relations nightmare.

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General Motors Company
+1.34%44.59

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