• Most Popular
  • Most Shared

REUTERS SHOWCASE

Job Plan

Job Plan

Obama proposes six-year plan to rebuild U.S. infrastructure with initial $50 billion investment.  Full Article 

Deal Called Off

Deal Called Off

GTL Infra says Reliance Comm tower biz deal off.  Full Article 

Shale Gas

Shale Gas

Reliance Industries not finished with U.S. shale buys.  Full Article 

Oracle hires Hurd

Oracle hires Hurd

Oracle hires former HP boss Mark Hurd.   Full Article 

BRIC Stocks

BRIC Stocks

Stocks from the so-called BRIC group are starting to move in lock-step with developed market indices.  Full Article 

China Economy

China Economy

Bears bet time is running out for China to change.  Full Article 

Oil Spill Costs

Oil Spill Costs

BP said the cost of dealing with its oil spill in the Gulf of Mexico had risen to $8 billion.  Full Article 

Gold ETFs

Gold ETFs

Here we explain what are gold ETFs and why they might be preferable to owning physical gold.  Full Article 

News @ Facebook

News @ Facebook

Get latest news via the Reuters India Facebook account. Follow us now.  Learn More 

GM Europe chief sees "massive cuts" at Opel - paper

Related Topics

General Motors SUV's are displayed in an autosales lot in Troy, Michigan in this June 3, 2008 file photo. REUTERS/Rebecca Cook/Files

General Motors SUV's are displayed in an autosales lot in Troy, Michigan in this June 3, 2008 file photo.

Credit: Reuters/Rebecca Cook/Files

BERLIN | Thu Nov 5, 2009 5:03am IST

BERLIN (Reuters) - General Motors' Europe head Carl-Peter Forster expects massive cuts at Opel after GM decided to hold on to the European carmaker, he was quoted saying in a German newspaper.

"We had negotiated a good restructuring plan which was ready and on the table," Forster was quoted as saying in top-selling Bild newspaper, in an advance copy of an interview to be published on Thursday.

"Now there is a danger that the sensible distribution of the burden we had agreed will unravel and the process will start all over again. One thing is certain: even with this solution, there will be massive cuts," he was quoted as saying.

Forster also said he had been surprised by GM's decision not to sell Opel, as previously agreed, and that negotiations with GM should start as soon as possible.

"I do not think the process was in any way okay," Forster told reporters at an event in Berlin, adding he hoped a solution would be found which would take account of Opel workers' jobs.

Opel employs about 50,000 people in Europe, about half of which are in Germany. Under Magna's plan, about 10,000 jobs were expected to go.

The surprise decision by GM to keep Opel rather than sell it to a consortium led by Canadian supplier Magna shocked the German government which had lobbied for a sale.

(Reporting by Brian Rohan; Writing by Madeline Chambers; Editing by David Holmes)



More from Reuters

A man walks inside a conference room on the Indian side of the India-China border at Bumla in Arunachal Pradesh, November 11, 2009. REUTERS/Adnan Abidi/Files

PM warns of China's S.Asia clout

China is seeking to expand its influence in South Asia at India's expense, Prime Minister Manmohan Singh warned in rare public criticism of his country's rival.  Full Article 

A man speaks on his mobile phone near state-owned Etisalat's signage in Dubai May 7, 2005. REUTERS/Anwar Mirza/Files

No Etisalat-RComm deal this year

The Arab world's second-largest telecom operator by market value does not expect a deal with Reliance Communications in 2010, its international chief said.  Full Article