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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Opel rescue raises hopes, but Merkel warns of challenges AFP - Sunday, May 31 BERLIN (AFP) - - German auto-workers expressed relief Saturday after a dramatic deal to save car maker Opel, but Chancellor Angela Merkel warned of a bumpy ride ahead with the industry in turmoil worldwide. ADVERTISEMENT The deal, struck in the early hours of Saturday after marathon talks, sees Canadian parts maker Magna and its Russian backers taking over Opel as its parent company General Motors prepares to file for insolvency. But while Germany's 25,000 Opel workers cheered the deal, Merkel -- who faces a general election in four months -- underlined the scale of the challenge facing the reborn company and its employees. "For Opel and Magna, the work is now just beginning and there are several difficulties still to overcome," she told reporters. Government sources said Magna was likely to slash around 2,500 jobs at its four plants around Germany, but stressed that they would all stay open, a pledge repeated by Magna bosses after the talks. Nevertheless, General Motors employs some 50,000 people throughout Europe and Magna plans to cut about a fifth. In total, GM employs around 7,000 in Spain, 4,700 in Britain at Vauxhall, 3,600 in Poland, 2,600 in Belgium and 1,800 in Italy. The head of Opel's powerful works committee, Klaus Franz, was also cautious. "I am very happy that we have managed to save Opel and that the company will not be dragged down by the insolvency of GM," Franz told AFP. "But difficult times are still ahead of us ... Germany is not a land of milk of honey, that means there will be job losses." "The most important thing is that the social dimension is being taken into account and that there will be no factory closures," he added. Belgian union official Rudi Kennes, of the socialist FGTB union at Opel's Antwerp plant, gave a cautious welcome Saturday to the deal. But while the officials from Magna had struck him as "very professional", he still expected "long and tough negotiations" in the coming weeks, he told Belgian television. Derek Simpson, joint leader of Unite, Britain's biggest trade union, expressed concern for the future of the two British plants and urged the British government to be more proactive, in comments to the BBC. Britain's Business Secretary Peter Mandelson said Friday he was seeking an early meeting with Magna to build on their previous commitment to keep production at Britain's Vauxhall plants. Some industry analysts however, were sceptical about the whole deal. "All this seems to rest on a very fragile base. Let's say there is a 60- or 70-percent chance that it won't work," said Juergen Pieper, an automotive expert at Metzler bank. Frank Schwope, from NordLB bank said the Canadian-Russian investors predicted that Opel would be "insolvent in two or three years." He doubted that Magna, a rags-to-riches car parts maker with little experience of manufacturing cars, was the right fit for Opel. In Canada meanwhile, Magna boss Frank Stronach told the Globe and Mail newspaper he wanted Opel cars to be built in Canada. The deal, backed by Russia's state-controlled Sberbank, will also see Russian automaker GAZ making Opel vehicles in Russia, as well as maintaining Opel and Vauxhall production elsewhere in Europe. Germany played a key role, agreeing to stump up billions of euros (dollars) in loan guarantees and emergency loans to keep the ailing company afloat. Government sources confirmed on Saturday that Berlin would give loan guarantees of 4.5 billion euros, including 1.5 billion euros in short-term loans to tide Opel over. Magna has pledged to cough up 300 million euros for Opel's immediate financial needs. Merkel acknowledged that talks over the future of GM Europe had sometimes been difficult. Germany's Finance Minister Peer Steinbrueck had denounced what he called "scandalous" US negotiating tactics. A more conciliatory Merkel on Saturday said a telephone call to President Barack Obama had helped seal the deal. But she lashed out at what she called the "huge mismanagement" by GM executives. Frank-Walter Steinmeier, the Social Democrat deputy chancellor in the coalition government, also expressed relief at the deal Saturday. Germany's tabloid daily Bild, meanwhile, was euphoric: "Magna saves Opel!" it screamed on its front page. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Enlarge Photo A flag with the logo of US car maker General Motors flutters in front of the plant of car maker Opel in Bochum on May 25, 2009. German auto-workers expressed relief Saturday after a dramatic deal to save car maker Opel, but Chancellor Angela Merkel warned of a bumpy ride ahead with the industry in turmoil worldwide. Most Popular – Top Stories Viewed Vitamin D boosts brain power in middle-aged men Music icon Spector gets 19 years for murder Ancient eruption 'killed off world's sea life' US lab debuts super laser Talent judge defends singing sensation Boyle View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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