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Old 12-12-2008, 12:21 PM   #1
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Default Opel staff could take stake in company-

FRANKFURT, Dec 12 (Reuters) - Workers at carmaker Opel could take a stake in the company in return for cost concessions if General Motors (GM.N: Quote, Profile, Research, Stock Buzz) agreed to cap financial ties with its German unit, a magazine reported on Friday.

Auto Motor und Sport cited internal documents from the IG Metall engineering sector union as saying Opel staff could agree to $750 million in labour cost savings that management seeks in return for getting part ownership of Opel.
The union has told GM management that the plan hinges on separating flows of finance between GM's European business and struggling parent GM, whose bid for a U.S. state bailout has failed so far.

The danger of Opel staff concessions "disappearing in the big GM pot is too great" otherwise, it cited the paper as saying.

It quoted GM Europe labour leader Klaus Franz as confirming the plan but adding: "We detect a certain defensiveness. GM likes to give its managers shares, but giving stock to employees is seen as a hostile takeover in the GM world."
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