New Opel: Not Yet

Today’s the day GM, Magna, Sperbank, the Unions, the Opel Trust, and a whole host of others are supposed to finally, at long last, definitely sign the contracts that seal Opel’s new fate and future under the Magna/Sperbank regime. At the time of this typing, it looks like the signatures will remain blank. Who’s holding up the flow of ink?

The unions. According to Das Autohaus, there are “a number of open items” between the Opel workers’ council and Magna, “which cannot be solved immediately.” The workers are scheduled to own 10 percent of “New Opel.” Magna and Sperbank will hold 27.5 percent each. GM retains 35 percent. The price of the shares for the workers: No holiday pay, no Christmas bonus until 2014, to the tune of €256m a year. Being shareholders, the unions want to have a say when factories are being closed or work is being shifted in their company. Financial Times reported, the Unions want an additional seat on the Supervisory Board. According to German rules, the unions already have half of the seats, an additional seat would let them rule at will. Opel Union boss Franz said, this report is not true. Whatever.

The workers in Spain have not agreed yet to contribute their bonuses. They want to think about it until next Monday, maybe. The Opel plant in Antwerp, Belgium will be most likely shuttered – unless Belgium pays to play. The Spanish government will contribute to the €4.5b kitty, which keeps the lights on at Opel Saragossa. There is a deal in the UK which keeps Luton and Ellesmere Port open.

Even if the papers will be signed, eventually, maybe, possibly, the deal is not closed at all. The European Commission in Brussels needs to approve the €4.5b in government money. Stay tuned.