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Opel to Split From GM, Germany Ready to Bail Them Out

February 28th, 2009 | Posted in: Financial, Opel

After the fall of Saab, now independent from GM, in court supervised restructuring, and having shut down all production, the next domino to fall is Opel.

The Germany-based division of GM has developed a restructuring plan that they plan to present to the German government and four other European countries on Monday . The division needs euro3.3 billion ($4.2 billion) in government aid or may not be able to operate by the end of March.

Opel officials have indicated that Opel will loosen ties from parent GM and become a “legally demarcated, at least partly independent business unit,” said GM Europe President Carl Peter-Forster, “Opel needs to remain part of GM but will be considerably more independent than at present.”

The plan to be submitted has “the goal of creating an independent European Opel organization that is open for investment from third parties” and a “walling-off concept,” says Opel Chief Executive Hans Demant.

The concept is that Opel would operate independently, and its European aid dollars would not be allowed to flow back to GM. GM would sell a 50% stake in the company, which its owned for 80 years. Opel would still have a close relationship with GM for the sake of sharing technology and sourcing parts.

Potential investors would include employees, dealers, and others.

There are 10 European plants in danger of being shut down. One likely to be spared is the advanced Ellsmere plant in England where the Opel Ampera extended range electric car is expected to be built. This car is set to be unveiled at the Geneva auto show in Tuesday.

A decision on the plan by the German government is expected “from Monday” on.

Late word indicates that Germany is “ready” to go ahead with a 5 billion euro bailout of Opel and may even take up to a 20% stake in the company. Sources also note that the government doesn’t believe Opel’s own rescue plan is viable.

Source (Forbes) and (GM)

Posted by: Lyle

53 Responses to “Opel to Split From GM, Germany Ready to Bail Them Out”

TALLPALL Says:
February 28th, 2009 at 9:20 am

*** 640 days to go ***

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GLV Says:
February 28th, 2009 at 9:39 am

Good luck and God speed Heir Opel…

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KUD Says:
February 28th, 2009 at 10:12 am

The Chips are falling, sure hopes that a leaner GM will survive.

After years of Bean counters on top I guess Cars need to be build by Car people.

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DonC Says:
February 28th, 2009 at 10:13 am

This is a big deal. GM is getting serious. Saab was something of a “gimme” but Opel is an entirely different matter. GM hasn’t wanted to spin off Opel, a move favored by German politician who want to protect jobs, but to sell a stake in the company.

Seems like GM has decided it just can’t maintain its extended footprint.

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carcus1 Says:
February 28th, 2009 at 10:15 am

Opel to Split From GM . . .

Too bad this didn’t happen back in 1933. (oops, was that my outside hitorical context voice?)

Seriously though, this seems pretty bad here. I’ve always thought that opel was a quality outfit with quality cars (from what I’ve read, never driven one)

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sudhaman Says:
February 28th, 2009 at 10:21 am

cmon shed away all businesses and make them independent andconcentrate on the volt only and u can get back all u have lost

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Van Says:
February 28th, 2009 at 10:22 am

Does this mean the Opel version of the Volt will have the A123/Condi battery?

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Motown Says:
February 28th, 2009 at 10:37 am

The industry needs consolidation, not more independent companies. The only benefit for either GM or Opel that I can think of is that Opel is now more likely to get aid from Germany. That aside, this does not bode well for Opel or GM.

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JB Says:
February 28th, 2009 at 10:54 am

No wonder Lutz is out at the end of the year before the Volt is out…he knows it’s game over…or has a good feeling that it will be.

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Van Says:
February 28th, 2009 at 11:14 am

It is not over till the fat lady sings in April.

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Adrian Says:
February 28th, 2009 at 11:19 am

#8, I would disagree to a point. I believe the market would be better off with more car companies that breed competition. The big three let the status quo linger because they had the power to do whatever they wished. Consolidation even further would lead to this problem getting even worse. A plethora of lean and agressive small car companies would tend to be more open to changes.

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George K Says:
February 28th, 2009 at 11:31 am

“GM would sell a 50% stake in the company, which its owned for 80 years. Opel would still have a close relationship with GM for the sake of sharing technology and sourcing parts.”

Well, GM has to get leaner. A lot leaner.

Saab is a lot easier decision. Opel, however, was profitable in ‘08, though, apparently, they need cash infusion for restructuring.

Now they will get that cash from the German govt., and others. And perhaps with the new deal, will after some years, become a small cash cow for GM ( haven’t heard that kind of talk for a while).

=D~~~~

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Chevonly Says:
February 28th, 2009 at 11:58 am

And away we go on the road to everyone driving Smart cars with room enough for 2.5 HUMANS, gone are the days of good looking cars with tons of horse power. The neutering of the American male is just about complete as more and more of them drive little Corolla’s and Civics out and about doing the bidding of the alpha females that control there pathetic little lives. No more driving a vehicle just for the fun of it that is long gone. I remember when Opel sold cars in the U.S. back in the 60s they were great sporty little cars not your average econo box, but as usual GM has been its own best competition, they would have been better off expanding the Opel line and forgetting about Saturn altogether. Ok back to work guys you better get that honey do list done from your ball and chain.

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statik Says:
February 28th, 2009 at 12:21 pm

I’ve been trying to stay away from talking about things like this, but since Lyle opened the box. (only you are to blame on this one Lyle, hehe)

This Opel move is nothing like Saab, or HUMMER, or Saturn, or Pontiac, or…etc. etc. GM does not want to sever or sell off equity in Opel. Opel is a valuable piece of GM’s family (unlike the aforementioned), but it is being forced to…this is a proposed move out of short term necessity. This move is akin to GM having to sell off GMAC (for about $14b) when it was close to running out of cash/being bankrupt in early 2006.

Could this have been avoided if the gov’t refused GM request for bailout money, and instead put them into a gov’t funded C11 right away last October? I don’t know…it is a more than complicated issue…one could assume Euro-GM would be one of the valuable ‘retained’ pieces.

Also of interest in the plan…”The confidential comprehensive document includes a funding request for €3.3 billion in government support (German and other governments), €3 billion in support from GM and $1.2 billion in structural cost reductions”

–where exactly is GM getting the 3 billion Euros (3.8 billion USD) to give Opel ’support’?

By the time the US government gets around to actually committing (or cutting) with GM all the good pieces will be long gone. Half of GMAC is gone, now Opel, will BRIC and the last 49% of GMAC be next?

/just too many ‘plans’ and too many questions out there right now

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noel park Says:
February 28th, 2009 at 12:22 pm

The lead column in this month’s “Automobile” magazine is Jaime Kitman’s suggestion to the new President that he mobiize Detroit to help create enegy independence, in much the same way FDR mobilized it to become the “Arsenal of Democracy” in 1940/41.

Auto production was shut down almost overnight, and the auto companies (with their UAW workers) converted thmselves into producers of trucks, tanks, airplanes, and even small arms, notably M-1 carbines built by at least two divisions of GM.

Post 1945, they turned on a dime again and went back to producing cars at unprecedented levels to fulfill the pent up demand created by the wartime shut down.

The products made were those directed by the War Department. No one I ever heard of whined about “nationalization”, “socialism”, or any such thing. The companies remained public or private, corporations made money, and went forward.

Similar things can be done again. IMHO, the threat of our fatal balance of payments hemorrage is as much of a threat to the viability of our nation as Hitler. If anyone believes in the War on Terror, our oil import situation is clearly one of the chief enablers of the opposition. I would put up my tax money to battle back against these threats. Better that than Citibank, AIG, B of A, etc., etc., etc.

If GM wants to survive, financed by us, it must become the “Arsenal of Energy Independence”. President Obama has made this one of his three major programs. Let’s get with it.

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tBay Says:
February 28th, 2009 at 12:24 pm

So from what I understand, GM will still have a significant stake in Opel as well an unchanged relationship of technology/parts sharing, right???

It’s basically the same from the front end, its just the behind-the-scenes that’s being shuffled.

I guess that’s okay. As long as GM still “has” Opel. Without Opel, GM loses a MAJOR part of it’s global network. And that’s just terrible to think about.

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Paul-R Says:
February 28th, 2009 at 12:28 pm

I wonder if they should do the same thing for Vauxhall. Then England could carry them (instead of the USA) until the economy recovers.

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noel park Says:
February 28th, 2009 at 12:39 pm

Well, my first attempt went into moderation (?), so how about this, LOL?

In Patrick O’Brien’s books about the 18/19th century British Navy, Captain Aubery often found himself in a situation where he was being pursued by a larger French ship, or group of ships. In order to escape, he would go through an ever escalating series of steps of “lightening the ship”. They would throw everything else overboard, then the cannons and ammunition, and finally the drinking water.

They always escaped in the end, but then they went through ordeals of almost dying of thirst, or meeting the next enemy with no weapons. Still they did what they had to do to live another day, and worried about the consequences later.

Or, what about the famous WWII films where the crew of the shot up B-17 or whatever threw the machine guns, ammo, radios, and everything else they could unscrew out the windows to try to make it back to base. Sometimes they made it, and sometimes they went into the Channel. And sometimes the Messerschmidts caught them with no guns. Fortunes of war.

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Dave K. =D~ Says:
February 28th, 2009 at 12:40 pm

When the price of oil shot up in the 70’s many American’s turned to Toyota. This was not a vote for Japan, it was a vote against Big Oil. American car manufacturers offered the Mustang II, and aluminum block Vega as options to the buyer. We then started to see the Renault 3 cylinder cars arrive (Le Car) and surprisingly they didn’t catch on. Then the Pinto, Gremlin, and Fierro. And finally the Yugo.

More than one GM dealership gave away a Yugo with each Cadillac purchase.

It was then 15 years of Civic and Accord with no response from GM. Now it’s the Insight and Prius that are in vogue.

I checked the current stock of our local Chevrolet dealer. About 40% of the vehicles are trucks (mostly Silverado). 25% are 6 cylinder family cars, mostly Malibu. 15% Aveo and Cobalt. And the rest are top end Corvett, HHR, and hybrids. The sticker prices gave me a shock with the Vettes priced at 50-79 grand. And the LS 1 LS Cobalt at 19 grand.

I wish GM best of luck with the Opel decision. The world needs the electric car. Who’s listening?

=D~

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Paul-R Says:
February 28th, 2009 at 1:04 pm

Sorry, this is off topic (unless the topic is struggling auto companies).

I’ve read Toyota will probably announce a $5 billion yearly loss at the end of March. Last quarter, their quarterly loss was a little under $2 billion. The two quarters before that had some amount of profit … not sure what … say $4 billion each.

Does that mean Toyota’s loss for this quarter is going to be something like $11 billion???
4 + 4 – 2 – 11 = (-5)

If so … wow! If not, what am I missing? Thanks.

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Dave K. =D~ Says:
February 28th, 2009 at 1:04 pm

“Your comment is awaiting moderation.”

You can’t blame GM for being careful. We are seeing a daily fight for company survival. And on top of this, the government plan to print money until the Monopoly set in your living room closet is worth something.

An electric car with a top speed of 100 mph is needed. Can this be why the public is presently staying away from oil burner car lots? The demand is building.

=D~

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Jason M. Hendler Says:
February 28th, 2009 at 1:17 pm

In terms of getting the right solution specifically for Opel, this is the best way to go. GM needn’t meddle in how Sweden helps Saab and how other European (and perhaps South American) nations help Opel. GM needs to worry about how it restructures it’s North American operations, including its relationship with the UAW and the GM dealerships.

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noel park Says:
February 28th, 2009 at 1:33 pm

#14 statik:

Yesterday, somebody asked what was up with oll of the acronyms. I smartly offered up a few. But I have to confess to being stumped by BRIC?

I dunno about GMAC. I almost wept when they sold it, but later I started to think that they, by wile or by luck, unloaded it onto Cerberus just before the house of cards collapsed. I guess it is a useful conduit for USG funds now, so maybe they want to keep the remainder.

#19 Paul-R:

Yeah, and after the first quarterly loss, Toyota got rid of its CEO. Last time I looked, “Red Ink Rick” was still there. Along with the CEOs of Citibank, AIG (?) and B of A. The new measure of performance in American business isn’t how much money your company makes. It’s how much bailout $$$ you can finagle out of the taxpayers.

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DaV8or Says:
February 28th, 2009 at 1:49 pm

I wonder how this effects Vauxhall? Aren’t they sort of joined at the hip?

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Shawn Marshall Says:
February 28th, 2009 at 2:11 pm

I think I hear the big kettle drum the priest hired in for drama on Holy Saturday.

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Chris Says:
February 28th, 2009 at 2:12 pm

17) Noel, except when he lost the Sophie

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PLJ Says:
February 28th, 2009 at 2:35 pm

To #21 above re: BRIC

The BRIC countries are Brazil, Russia, India, China. They are grouped together for some strange economic reason as huge up-and-coming economies. Before the current crash that is.

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Timaaayyy! Says:
February 28th, 2009 at 2:45 pm

Timaaayyy knows what’s happening to the laid-off UAW ‘workers’:

http://www.youtube.com/watch?v=9YKXHbnsShA&NR=1

Timaaayyy want one, too!!!

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kdawg Says:
February 28th, 2009 at 3:03 pm

#18 Paul-R Says:
February 28th, 2009 at 1:04 pm
Sorry, this is off topic (unless the topic is struggling auto companies).

I’ve read Toyota will probably announce a $5 billion yearly loss at the end of March. Last quarter, their quarterly loss was a little under $2 billion. The two quarters before that had some amount of profit … not sure what … say $4 billion each.

Does that mean Toyota’s loss for this quarter is going to be something like $11 billion???
4 + 4 – 2 – 11 = (-5)

If so … wow! If not, what am I missing? Thanks.
=========

Yes, it will be intersting. Japan’s fiscal year ends in March. They have annouced cutting worwide production by 1/5!

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Paul-R Says:
February 28th, 2009 at 3:12 pm

Noel Park (#21), I’m not so sure it makes sense to change captains in the middle of a typhoon. Ships that change direction too much don’t get anywhere.

So was the Toyota CEO jettisoned because he did something wrong?

Or was Toyota simply blind-sided (like Detroit) by this global recession and financial crisis?

Does the new Toyota CEO deserve more than one losing quarter before they chuck him too?

I’m not qualified to speak on Rick Wagoner’s business smarts (or lack there-of), but I do think that GM’s product line is now very competitive, and far better than before Rick took over.

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Timaaayyy! Says:
February 28th, 2009 at 3:14 pm

Timaaayyy sing:

A BRIC hit the windshield
Of my Volt
Coulda paid half the price
I’m a dolt

A BRIC hit the builder
Of my Volt
Stockholders, mockholders
Got a jolt

A BRIC stopped the tires
Of my Volt
Coulda done way better
I wanna re-Volt

B-R-I-C
B-R-I-C
No commie, no Lula
Just Hindi for my BYD

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noel park Says:
February 28th, 2009 at 3:32 pm

#25 Chris:

Well, it doesn’t always work. I’ve read them all twice, but I guess it’s time to start again!

#26 Chris:

Thanks.

#29 Paul-R:

I think that the new guy’s last name is Toyoda, so maybe he’ll be around for awhile.

GM has one foot in Chapter 11 and the other one on a banana peel. How can the CEO not be accountable?

#27 & #30 Timaaayy:

LOL. Thanks. Nothing like a couple of laughs after reading all of the above.

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statik Says:
February 28th, 2009 at 4:31 pm

#21 noel park siad:

Yesterday, somebody asked what was up with oll of the acronyms. I smartly offered up a few. But I have to confess to being stumped by BRIC?

I dunno about GMAC. I almost wept when they sold it, but later I started to think that they, by wile or by luck, unloaded it onto Cerberus just before the house of cards collapsed. I guess it is a useful conduit for USG funds now, so maybe they want to keep the remainder.
============================
Sorry about that, I use it so often on my finance club/forum I kind of cross-pollinated common acronyms there.

/what PLJ said

As for GMAC, it turned out they avoided some pain there (and got some cash to surivive in the meantime)…so short term it worked out ok. However, in the long run…the day they sold it, was the day they died. GMAC had been their main/only driver of profits for over a decade. I actually remember that day in April watching it on CNBC, I was always very skeptical of GM before, but I put a ‘mental fork’ in them right then…and have held that opinion ever since.

The problems with all ‘plans’ out of GM now is they make absolutely no sense because their is no solid base to prove that someday they can make money. In the ‘old’ days they could borrow more and more monay (and pretend to be viable….or have a shot at it) because they not only had growing revenues, but had the GMAC cash cow printing money making up for a huge portion of the shortfalls on the actual car business.

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Laura Says:
February 28th, 2009 at 5:38 pm

#21 noel park

The current CEO of Citibank has only been around for a little over year. The guy who did the damage, Chuck Prince, was fired, although he did get to walk away with $100 million dollar severance package. And AIG had three different CEOs in 2008. B of A is a different story, and Kenny Lewis will probably lose his job. But BofA’s troubles are relatively recent, and are mostly due to the destructive speedy takeover of Merrill Lynch.

About Rick Wagoner–a lot of things have snowballed in the past ten years that weren’t his fault. And he has improved GM’s product line-up, and cost structure. I’m not saying he’s the best guy for the job, but they could easily do worse (Nardelli), and I think changing CEO’s right now is just too risky.

And I doubt they had a choice about selling GMAC.

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Timaaayyy! Says:
February 28th, 2009 at 6:30 pm

#30 noel park

Thanks. Sad that the social security fund called GM ‘ran into’ this severe recession. With such high fixed costs, they have had to keep volumes high.

Oops-e-daisy.

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Rashiid Amul Says:
February 28th, 2009 at 6:52 pm

George K,

How is your Hymotion Prius doing?

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carcus1 Says:
February 28th, 2009 at 6:59 pm

26 Timaaayyy,

That was funaaayyy.

Did the Vandals include mississippi mudslide and louisiana waterfall?

Maybe everybody can just go on vacation.
http://www.youtube.com/watch?v=Z0t0CMRSLX4

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Timaaayyy! Says:
February 28th, 2009 at 7:06 pm

#35 carcus 1

Timaaayyy’s dinner just ruined. Tim-ehhhhhhh

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carcus1 Says:
February 28th, 2009 at 7:10 pm

#36

Hope Timaaayyy was not having pea soup.

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Timaaayyy! Says:
February 28th, 2009 at 7:22 pm

carcus’ #1 & #2 killed Timaaayyy. You bastards.

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ThombDbhomb Says:
February 28th, 2009 at 7:44 pm

I like leading edges
MIT Unveils 90 MPH Solar Race Car

http://blog.wired.com/cars/2009/02/hot-wheels—mi.html

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RB Says:
February 28th, 2009 at 7:46 pm

#32 Laura –> excellent summary of CEOs. I agree.

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GM Dead Says:
February 28th, 2009 at 8:02 pm

The market has and should work, if GM/Ford/Chrysler all disappear, so be it! I always buy Asian products whenever I can due to better quality.

UAW should be eliminated!

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Dave K. =D~ Says:
February 28th, 2009 at 9:25 pm

hi Chevronly #13,

“And away we go on the road to everyone driving Smart cars with room enough for 2.5 HUMANS…”

_________________________

Maybe not. In my rounds of car dealerships today I saw two new Smarts on the lot. A yellow one and a blue one. This model was near impossible to find two months ago. A coworker has. He is 5′ 9″ at about 230lbs and needs to hang an elbow out the window just to breath.

=D~

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Mark Bartosik Says:
February 28th, 2009 at 9:47 pm

I wonder what this means for Vauxhall?

Vauxhall and Opel vehicles are like Ford/Mercury, compare a Ford Escape with a Mercury Mariner and without the badge and trim / styling / equipment level details they are the same.

Opel sells throughout mainland European while Vauxhall sells in the UK, and maybe Ireland?

If Vauxhall were detached from Open and GM then it might be too small to survive and go the way of some oldies that made up British Leyland. I don’t live in UK anymore, but Vauxhall used to have a decent share of that market. I guess it depends on how much separation there is.

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Dave K. =D~ Says:
February 28th, 2009 at 10:08 pm

Here’s an encouraging post from an automotive blog…

Also, I’m surprised anyone is upset about the inclusion of the engine (ICE). Frankly, that’s the buying point for probably 90%+ of potential owners. The fact that, yes, on an average ‘commute day’ I can go completely on grid-power is great, but I’d also like the flexibility to travel outside of my normal route if need be. Bravo GM, I’m looking forward to buying a Volt.

_____________________________

Funny, even the people who state that they will buy Japanese said they expect a minimum of 40,000 Volt to be sold a year.

http://garfwod.250free.com/Photos/voltlive_sep08.jpg

=D~

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George K Says:
February 28th, 2009 at 11:52 pm

34
Hey, Rashiid.

Off topic.

I sent you a message on Lyle’s forum a while back.

It’s soo, soo cool!!! Nothing beats driving in electric! I love just going for a drive again. With the Prius implementation, the mileage goes down substantially in cold weather, as the engine runs to provide cabin heat, and warm up the cat converter.

To get around it, I block the upper intake vents (the Volt’s are permanently sealed), and 2 lowers, and turn down the cabin heat, few other things. And at 60 mph (no wind or hills), can get 100 mpg!

There are definitely “issues” with a PHEV parallel hybrid. But, given the current options, I’m simply loving it!

If you’re ever in Chicagoland, look me up.

George

=D~~~~

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unni Says:
March 1st, 2009 at 5:19 am

was reading about British Empire, nations got freedom, history repeats .

The good part is GM was able to show some presence in CR ratings, Still long way to go .. .
I think the best way is to improve GM is selling 16% of stocks to toyota. If you notice Subaru’s all offerings got recommented ratings. The difference is instead of GM Toyota has 16% stake in it now.

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StevePA Says:
March 1st, 2009 at 7:24 am

#21 Noel Park
“Yeah, and after the first quarterly loss, Toyota got rid of its CEO. Last time I looked, “Red Ink Rick” was still there. Along with the CEOs of Citibank, AIG (?) and B of A. ”
___________________________________________________

Current AIG CEO Ed Liddy was brought in by the Feds in latter part of 2008 to try and salvage what was left following the damage wrought during the watches of two (Sullivan and Greenberg) of his three predecessors . Liddy’s immediate predecessor (name?) was barely there long enough for a cup of coffee. Before it was the fashionable thing to do, Liddy cut his salary to $1 / yr and deferred any performance-related compensation for a number of years.

(Quote)
Len Says:
March 1st, 2009 at 11:28 am

I don’t think Toyota “got rid of its CEO”. I think the CEO decided it was a good time to step down. The Japanese are plan for the future types, not knee jerk maximize the bottom line for the current quarter types. I read this as them figuring this mess will last a long time and it is a good time to began setting the stage for the future. I think the old CEO was part of the decision.

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AutoElectric Says:
March 2nd, 2009 at 12:28 am

In Japan, red ink = fired. Its part of the ancient Bushido code that still permeates Japanese culture, I think. Business failure is a very shameful thing for a Japanese man. I’ve worked there from time to time on the periphery of the automotive industry.

In Europe where I currently live and work, Opel is a very well respected brand – almost every GM/Chevy model is converted to a Opel version. In Germany, Opel is also an iconic model that they wouldn’t want to lose. Germany without Opel would almost be like America without Chevrolet. It is a lesser, but still traditional brand behind the likes of Mercedes, BMW, Audi and Volkswagen.

I’ll be at the Geneva auto show to have a look at teh Ampera, so I’ll let you know my first impression.

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N Riley Says:
March 2nd, 2009 at 12:36 pm

Have not read all the comments, so I don’t know what everyone has said. First off, I think this is a good start fro GM and Opel. Now, once the Opel brand is on its feet, I would suggest GM sell the Saturn division to Opel. This would give Opel immediate access to the U. S. market and keep the Saturn dealerships open or at least a good portion of them. GM may have to keep the Saturn plant in Tennessee or close it. Hopefully not close it. Unless Opel wants to take it over for local production.

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N Riley Says:
March 2nd, 2009 at 12:39 pm

The only reason I mention selling the Saturn division to Opel is because GM seems to be leaning towards selling it to someone. They seem to want to keep the Buick division and probably would not want to keep Buick, Pontiac and Saturn. Even if they do make Pontiac a specialty car division, it would still draw a lot of money that could be devoted to keeping Buick, Chevrolet and Cadillac operating. I would really like to see the Saturn brand continue under GM or under Opel.

(Quote)

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Opel to Split From GM, Germany Ready to Bail Them Out

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