Detroit (WWJ) -- Germany's politicians are fuming with anger after General Motors abandoned the sale of its European subsidiary, Opel, to parts maker Magna International and Russian lender Sperbank.
Opel workers have cancelled cost concessions and readied walkouts in response to the news.
“We've been in Germany a long time and been a big part of the German economy through Opel for a long time. And I think that we have a lot of suppliers and a lot of dealers,” said GM Group Vice President John Smith in a hastily arranged conference call. “I think that we will get back, fairly quickly, to a good relationship."
Smith also explained that there wasn't a guarantee that GM could retain a close tie to Opel over time and that that left a potentially large strategic hole.
He said that Monday's cancelation of the deal would be better for GM and Opel.
Health Care Reform Debate 11/21
Michigan Senator Debbie Stabenow addresses the floor on the first vote that will take place for the health reform bill.
Health Care Debate 11/21
Michigan Senator Carl Levin addresses the Senate prior to a vote on the health care reform bill.
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