3 November, 2009
TIMELINE-GM's plans for its Opel unit
Nov 3 (Reuters) - The board of General Motors [GM.UL] has opted to keep Opel, undoing months of negotiations to sell the European unit to a Russian-backed group led by Canada's Magna (MGa.TO). [ID:nN03518816]
Founded in 1863 and bought by GM in 1929, following is a timeline of events at Opel in the last year:
November 2008 - Asks Germany for state loan guarantees.
March 4, 2009 - GM Europe head Carl-Peter Forster says Opel could slash 3,500 jobs and relaunch as an independent company.
April 28 - Canadian-Austrian firm Magna outlines an offer for Opel.
May 12 - Russian carmaker GAZ (GAZA.RTS) expresses interest in a joint venture with Opel and Magna.
May 13 - Germany rules out temporary nationalisation of Opel.
May 20 - GM Europe says three bids have been made; Fiat (FIA.MI) confirms its bid and a source says private equity investor RHJ International (RHJI.BR) bid.
May 22 - German officials say Magna submitted a better plan than rivals.
May 30 - Germany agrees deal with Magna, GM and the U.S. government to save Opel from the bankruptcy of its U.S. parent.
July 20 - GM receives binding takeover offers for Opel from Magna, RHJ and Chinese carmaker BAIC.
July 23 - GM agrees to continue detailed talks with both Magna and RHJ International. BAIC says next day it has dropped out of the running.
July 28 - Magna offers to increase the upfront capital it would invest in Opel.
Aug 19 - German government says could provide 4.5 billion euros in state aid for Opel without help from other European governments if GM chooses Magna as the buyer.
Sept 10 - GM agrees to sell a 55 percent stake in Opel to a group led by Magna. Under the deal, GM will retain a 35 percent stake in Opel, with Magna and Russian state-owned bank Sberbank each taking 27.5 percent and workers the remaining 10 percent.
Sept 14 - Magna says it will cut about 10,500 Opel jobs in Europe, mostly in Germany, aiming to return the carmaker to profit and pay back 4.5 billion euros in state aid.
Sept 24 - Germany will seek a "good European solution" over state aid to Opel, and does not expect the EU to block any deal, Economy Minister Karl-Theodor zu Guttenberg says.
Oct 11 - A German government committee approves a 4.5 billion-euro state loan guarantee to back a deal by Magna for Opel, a magazine reports.
Oct 13 - Magna and a British labour union agree a final stake sale closer.
Oct 16 - European Competition Commission Neelie Kroes goes public with concerns that Germany had made its promise of 4.5 billion euros in aid contingent on Magna winning the deal, which would violate EU rules.
Oct 19 - The Opel Trust says there is no need to reopen the sale process because its decision to pick Magna was based on business and not political factors.
Oct 23 - GM says its board of directors would decide on Nov.3 whether to proceed with Opel's sale to Magna.
Oct 26 - The workers at Opel's Spanish plant accept Magna's industrial plan for the Figueruelas plan in northern Spain, clearing one of the last obstacles in the way of the deal.
Nov 3 - Opel's labour force agrees to contribute 265 million euros in annual savings if GM goes ahead with the sale. Hours later, GM announces plans to keep Opel rather than sell it.
(Compiled by Michael Shields and Maria Sheahan; Additional writing and editing by David Cutler: Additional writing by Carl Bagh and Jijo Jacob; editing by Leslie Gevirtz)
Source: http://www.reuters.com
TIMELINE-GM's plans for its Opel unit Added: (03.11.2009)
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