Financial Times FT.com

Germany faces more severe cuts

By Daniel Schäfer in Munich

Published: November 4 2009 22:56 | Last updated: November 4 2009 22:56

Opel is now facing a much more brutal restructuring in Germany than if it had been sold to Magna.

General Motors says it needs €3bn ($4.45bn) for the restructuring, which also involves the reorganisation of all European sales and manufacturing units under the umbrella of Opel. This is €1.5bn less than Magna and Sberbank, its Russian partner, demanded.

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