GM Vice Chairman Says Co. Will Keep Latin American, Asia Assets
28 Mai 2009 - 9:09PM
Dow Jones News
The vice chairman of General Motors Corp. (GM) said Thursday the
company intends to retain full ownership of its operations in Latin
America and Asia Pacific.
Lutz said only part of its European assets will be shed as part
of the restructuring. The Opel, Vauxhall and Saab are all earmarked
for disposal.
Fiat SpA. (FIATY) had eyed GM's profitable Latin American
operation alongside assets in the Middle East and Africa alongside
its bid for a stake in Opel/Vauxhall.
The Italian company recently said it would wait until the fate
of the European business was decided before moving forward on any
other bids. Fiat was not immediately available for comment.
Lutz said during a program in Detroit that Fiat is "by no means
a certainty" as a buyer for Opel. GM is weighing bids from Fiat and
Canadian auto parts maker Magna International Inc. (MGA).
The German government is due to make a decision on supporting
either bid Friday.
Lutz said the global auto industry faces many uncertainties,
including an oil price spike he said could lead to another
recession in the U.S.
He added that the U.S. housing market and emerging markets
remain big unknowns for the industry at a time when a prolonged
slump has driven auto sales to multi-decade lows.
Lutz, who sold his shares in GM earlier this month, said he made
the move because existing shareholders stand to be all but wiped
out in the auto maker's restructuring. "I look at all the net worth
I've left of the table already and, believe me, it is a large sum
of money," he said.
Lutz stepped down as GM's product chief in April and will leave
the auto maker at the end of 2009.
GM's shares recently rose 2 cents, or 1.7%, to $1.16.
-By Sharon Terlep, Dow Jones Newswires; 248-204-5532;
sharon.terlep@dowjones.com.