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The report said CEO Fritz Henderson is supposed to have the plan done by early September with a $4.3 billion financing plan in an effort to keep control of its European Opel unit. The report is now on CNBC as I type this.
GM may keep Opel per report in WSJ.
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In the meantime Reuters is reporting that the German government is offering up some $6.4 billion in state aid to push through the deal with Magna International. German officials are upset that GM missed it's Friday August 21 deadline to name a buyer for Opel; so apparently incompetence is the norm at the top of the newly formed Government Motors corporation.
Politically-motivated post....
The fact is that GM's board has expressed concern about giving the Russian gov't (one of the investors in Magna) access to its intellectual property. That doesn't sound like incompetence. Sounds like a valid concern. I've had experience dealing with the Russian gov't in business and (while they have lots of $$$$ to invest), they are fickle to say the least....
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What would you call ignoring deadlines then... arrogance?
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You are assuming that they ignored it. There can be a variety of reasons to miss a deadline, some avoidable, some not, some valid, some not. There are also some deadlines that are deader than others. It is frequently better to miss a deadline and make a good deal than it is to meet a deadline by making a bad one.
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:glol:
:rofl: :yay: :lol: :willy::smash: That's a good one! :thumbs:
I like it ... but can't seem to find it in my job description.
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