opel

General Motors Co. said Tuesday it would more than triple its funding for the turnaround of European units Opel and Vauxhall to euro1.9 billion .

German Chancellor Angela Merkel is pressing General Motors Co. to come up with a "reliable concept" for the future of its subsidiary Opel.

Opel's employee council says workers have agreed to make cost-cutting contributions worth $390 million US a year to ease the automaker's sale to a consortium led by Canadian auto parts maker Magna.

The automaker reversed course on the anticipated sale of its European unit Opel and decided that G.M. will keep it and restructure the business itself.

A top executive at Magna International Inc. is saying that as many as 10,500 jobs at automaker Opel in Europe could be cut, with nearly half of those coming from Germany.

Competition issues, fears of greater than expected job losses and accusations of politicking emerged over the agreed sale of a 65 percent stake in Opel, an arm of General Motors.

The European Union's competition commissioner has warned she will take action if there is proof of any protectionism in the sale of General Motors Co.'s European unit Opel.

Sep. 10 - General Motors decides to sell its European arm Opel to Canadian auto parts group Magna, and the sale is approved by the Opel trust.

G.M. told the German government that it had chosen to sell its European operations, but it attached conditions that could drag out the negotiations.

RHJ International SA said Wednesday it has improved its offer for General Motors Co.'s Opel unit, saying it would put more cash into the automaker and seek lower loan guarantees from Germany's government.