Russian prime minister unhappy with GM after pulling out of Opel deal
5 November 2009

Russian prime minister Vladimir Putin has hit out at General Motor’s decision not to sell Opel/Vauxhall to Magna.

Putin, speaking through his spokesman Dmitry Peskov, said the deal had already been approved by GM, and Russia would now be studying the legal ramifications of GM’s decision.

GM cancels Opel saleJulian Rendell blog: What next for Opel and Vauxhall?Steve Cropley blog: GM keeping Vauxhall is great news

“GM has earlier passed its European division into management of a trust, which practically approved the deal, and further decisions were within the competence of this trust,” he said. “In this respect, the decision taken by the GM board of directors’ causes concerns.”

Magna’s funding partner for the deal was Sberbank, a Russian state owned bank. Between Magna and Sberbank, they were expected to take a 55 per cent stake in Opel/Vauxhall before GM pulled out, citing improved business conditions.

Putin said Russia would be taking advice on how best to proceed and warned GM that it was unhappy with the way it has conducted its business.

“According to the available reports, the consortium intends to hold consultations and a detailed legal analysis of the current situation,” he said. “The Russian government does not participate in this work.”

Twitter - follow autocar.co.ukSee all the latest Vauxhall reviews, news and video

Join the debate

Comments
8

5 November 2009

Wouldn't like to be on the board of GM now. FSB gonna popski a cap in sorry GM ass.

5 November 2009

from a demo today:

"Piss off, GM!"

I think that's what Putin is saying too, plus he's gonna sue the Yanks asses off. Hope that that excuse for a man, GM VP John Smith, has his asbestos lined underwear on, cos he's gonna need them with Putin and the FSB on his case. See Smith, you douchebag, act like a ****, expect to be treated like a ****. Is the creep Smith any relation to Roger Smith, ex boss of GM, and made infamous by Michael Moore's film? Is that how such a louse became VP?

5 November 2009

That said. It's GM's company and if they decide to keep what's their's who are we, the Germans, Russians or anyone else to complain?

5 November 2009

Putin's just sore that the Russians can't get some more western technology on the cheap, as you can bet that any agreement about restricting proliferation would not have held-up in the mid- or long-term. Having been thwarted he will do the only thing he ever thinks of - revenge and getting even in some way. The West needs to be very wary and careful when dealing with this man, he is a true product of the Cold War and proud of it.


Enjoying a Fabia VRs - affordable performance

5 November 2009

[quote ordinary bloke]Putin's just sore[/quote]

Wouldn't like him sore at me. Wonder if he still has access to the old Bulgarian Brolly.

5 November 2009

It's the respective governments' fault for not having made the contract for taking government money watertight. GM has obviously taken government cash when cash flow was at its worst, waiting for times to get a bit better and has now reneged. Inspired really.

5 November 2009

[quote tannedbaldhead]

That said. It's GM's company and if they decide to keep what's their's who are we, the Germans, Russians or anyone else to complain?

[/quote]

No, not technically so. This is where the lawyers start salivating. Adam Opel GmbH was put into the 'Opel Treuhand' or Opel Trust, after GM went into bankruptcy in the States. What Putin/Sberbank is saying is that the Treuhand was a separare legal entity and one empowered to carry out the decision to whom Opel should be sold. Putin is saying that step was taken irrevocably last September and that the GM Board has no right or legal authority to overrule it. See, this is where the legal vultures circle.

As far as the real Opel business goes, away from the high-powered, $5,000/day parasite suits, Smith, Whitacre et al, at GM Detroit HQ, have royally f*cked up. Some prize pillock - the no car business experience, bus pass holding(70 years old), overgrown Texan, by the name of Whitacre - couldn't stomach selling the ultimate blue chip Americana company, 'The General', to a goddam bunch of godless commie Ruskies and therefore overturned in an instant nine months of detailed work, costing millions.

For the sake of one lving-in-the-past jerk-off Yankee boy and his sidekick boywonder Smith, who all along was against seeing his career path to the top of a global GM stymied by selling off GM's real crown jewel, Opel, Opel's future has been wrecked. Smith whispered in Whitacre's big ear, poisoning the Magna deal, a deal which the only real car man amongst GM's management, the 30 year GM veteran Fritz Henderson, was humiliatingly overruled on, having been convinced of the sale to Magna and then positively advocating for it.

So a combination of a no industry experience, blustering, coldwar warrior fossil, Whitacre, and his poison creep midget sidekick, Smith, have done for Opel's future and probably GM's too, as the hate sown by GM's antics amongst German customers and presumably the Russian business community too could well do for New GM's prospects overall. For GM to believe it can use Vauxhall alone to overcome the scars inflicted by their actions this week to turn GM Europe around is a sick joke. Hau ab, GM!

the Texan twit John Wayne wannabe that f*cked up Opel's future:

BusinessWeek reported that, though the CEO of one of the largest and most influential names in telecommunications and its surrounding technology, Whitacre did not use email or have a computer in his office.[4] It has also been reported that Whitacre offered Stephenson three words of advice via text message when the executive change was announced: "Give 'em hell".

- at least the tw*t has been true to his motto - hell for Opel's workers.

http://en.wikipedia.org/wiki/Edward_Whitacre,_Jr.

5 November 2009

I don't think the GM reputation will be that badly damaged. UK & US city boys are still buying their Porsches in spite of that company's financial blinder that slaughtered many a hedge fund manager.

Add your comment

Log in or register to post comments

Find an Autocar car review

Driven this week

  • Lexus LC500
    Car review
    20 October 2017
    Futuristic Lexus LC coupé mixes the latest technology with an old-school atmospheric V8
  • Maserati Levante S GranSport
    First Drive
    20 October 2017
    Get ready to trade in your diesels: Maserati’s luxury SUV finally gets the engine it’s always needed
  • Jaguar XF Sportbrake TDV6
    First Drive
    19 October 2017
    The handsome Jaguar XF Sportbrake exhibits all the hallmarks that makes the saloon great, and with the silky smooth diesel V6 makes it a compelling choice
  • Volkswagen T-Roc TDI
    First Drive
    19 October 2017
    Volkswagen's new compact crossover has the looks, the engineering and the build quality to be a resounding success, but not with this diesel engine
  • BMW M550i
    First Drive
    19 October 2017
    The all-paw M550i is a fast, effortless mile-muncher, but there's a reason why it won't be sold in the UK