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Thread: GM's Akerson Says Opel Not For Sale

  1. #1
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    Default GM's Akerson Says Opel Not For Sale

    Automotive News
    July 27, 2011

    General Motors Co. CEO Daniel Akerson weighed in strongly today on the future of its Opel business, saying the European unit is not for sale.

    "We don't comment on speculation -- and there has been a lot of speculation -- but I will say this: Opel is not for sale," Akerson said at a news conference when asked about Opel's future.

    Akerson was speaking at a GM plant to officially launch labor talks with the UAW.

    Speculation about Opel's future began in early June with reports by German media that the European unit could be sold and that possible buyers included Chinese automakers or Volkswagen.

    Whether true or not, Akerson's statement was necessary to protect Opel's sales and employee morale, said Jefferies analyst Peter Nesvold, who has a "hold" rating on GM's shares.

    "Most CEOs in this position will tell you a division is not for sale until it's sold," he said. "I've seen the story before."

    Opel Chairman Nick Reilly said on June 30 that GM was "very satisfied" with Opel's progress, but failed to quash rumors GM was mulling a sale of the money-losing unit.

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    Opel won't be sold....and who cares?

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