Canadian car parts group Magna has reached a preliminary deal with General Motors to invest in its German unit Opel, sources close to the negotiations told Reuters on Friday.
General Motors and Canadian auto parts group Magna International have reached an agreement in principle that could rescue ailing German carmaker Opel, sources close to the negotiations said on Friday.
The United Auto Workers will emerge from a General Motors Corp restructuring as the second-largest stockholder in the reorganized automaker and with a more direct stake in its success, union President Ron Gettelfinger said on Thursday.
A local Swedish court on Friday granted General Motors' loss-making unit Saab a further extension to its protection from creditors, giving it more time to restructure.
Futures for the Dow Jones industrial average, the Nasdaq 100 and the S&P 500 share indexes rose 0.3-0.5 percent on Friday, pointing to a higher start on Wall Street.
Italian automaker Fiat SpA is still interested in buying German peer Opel but more cannot be asked for a takeover, it said on Friday.
Germany raced to overcome a transatlantic spat and growing tensions among Opel bidders to clinch a deal for the German carmaker on Friday, as parent General Motors hurtled toward bankruptcy.
Futures for the Dow Jones industrial average, the Nasdaq 100 and the S&P 500 share indexes rose 0.3-0.5 percent on Friday, pointing to a higher start on Wall Street.
German efforts to forge a rescue for General Motors unit Opel were under threat on Friday after Italy's Fiat said it would skip crucial talks and a source said frustration was rising at rival bidder Magna.
Germany and the United States get what may be their last chance to save Opel on Friday when they try to put a heated row behind them and forge a plan to shield the carmaker from a bankruptcy of its parent General Motors.
General Motors Corp persuaded its major bondholders to accept a sweetened ownership plan on Thursday, a deal that could result in a smoother ride for the carmaker through bankruptcy.
The European Commission announced Thursday that it will host a meeting of industry and economy ministers on Friday to discuss state support measures for the U.S. General Motors (GM)'s European subsidiary Opel.
General Motors Corp appeared to clear a major hurdle on its way to filing the kind of bankruptcy it favors on Thursday by persuading major bondholders to accept a sweetened deal -- even as talks over the carmaker's Opel unit stalled.
U.S. auto parts makers Visteon Corp and Metaldyne Corp filed for bankruptcy on Thursday, becoming the latest casualties of the global auto industry crisis and adding to the pressure on cash-strapped automakers.
General Motors Corp said on Thursday it had reached a deal with major bondholders that would give them a bigger stake in a reorganized and effectively nationalized automaker and could pave the way for a fast-track bankruptcy by GM within days.
U.S. stocks rose on Thursday, as a rise in oil prices boosted energy shares, overshadowing mixed economic data on housing sales and manufacturing orders.
A rift between Berlin and Washington threatened to torpedo Germany's goal of shielding Opel from the imminent bankruptcy of its parent General Motors , raising the risk of insolvency for the German carmaker.
A group of major General Motors Corp bondholders on Thursday gave its support for a revised bond exchange, saying the option of litigation in bankruptcy court was too risky.
The pace of economic decline in western Europe is slowing, data showed on Thursday, though activity is still very subdued and prospects for a global recovery are being hurt by the rising cost of borrowing money.
Europe's next big move to confront climate change should be to tackle rapidly growing emissions from transport, with more road tolls and greener cars, trains and trucks, a top EU environment official said.
Stock index futures pointed to a higher open on Wall Street on Thursday after key government data indicated the recession may be abating while investors eyed a looming bankruptcy for General Motors.
As the battle for German carmaker Opel effectively narrowed to a race between Fiat and Magna, overnight talks to shield Opel from General Motors' looming bankruptcy ended with no deal.
