Opel timeline
November 4, 2009
In 1862 the young German entrepreneur Adam Opel set himself up as a sewing machine manufacturer in Rüsselheim. His business went from strength to strength and in 1886, Opel branched out into bicycles, followed by motor cars three years later. In 1929, US car manufacturing giant GM motors acquired 80 percent of Opel shares, and in 1931, it bought the remaining 20 percent. Under GM's management, Opel continued to thrive. By 1972, it had a market share of 20.4 percent, making it Germany's leading car manufacturer. But almost two decades later, its fortunes had turned.
The 1990s
The first Gulf War ushers in a period of unstable oil prices with long-time repercussions for Opel. From this point on, Opel's growth never really regains momentum.
Under manager Jose Ignacio Lopez, Opel gets a reputation for bad design and slow performance. Lopez leaves Opel in 1993, but the company continues its downward spiral.
In 1996, Opel employs over 44,500 workers in Germany. By 2006, this number is down to just over 27,600.
2008
The global financial crisis hits both Opel and its parent company hard. Opel's future is uncertain and in November 2008, the company asks the German government for state loan guarantees. GM tells US Congress that it needs $18 billion to stay afloat.
March 4, 2009
GM floats the idea of re-launching Opel as an independent company. This would entail the slashing of 3,500 jobs.
April 28, 2009
The Canadian-Austrian auto parts maker Magna presents outlines of an offer for Opel.
May 20, 2009
GM announces it has received three offers for Opel. The bidders are Magna, Fiat and RHJ International.
May 30, 2009
Germany agrees a deal with Magna, GM and the US government to save Opel from the bankruptcy of its US parent.
June 11, 2009
Germany announces that it is still in talks with other potential investors.
July 20, 2009
GM receives takeover offers for Opel from Magna, RHJ and Chinese carmaker BAIC.
July 28, 2009
Magna offers to increase the upfront capital it would invest in Opel.
August 11, 2009
German Chancellor Angela Merkel announces she is ready to intervene personally in support of Magna's bid.
August 19, 2009,
The German government says that if GM chooses Magna as Opel's buyer, it could provide 4.5 billion euros in state aid. It could, it claims, raise the money without the help of other European governments.
September 10, 2009
It is announced that GM has chosen Magna as the buyer. German Chancellor Angela Merkel welcomes the news. After 90 years of GM ownership, Opel prepares itself for the hand over.
November 4, 2009
GM goes back on its decision to sell its European unit to Magna and its financial partner Sherbank. As grounds for the decision, GM cited an improving business environment and the importance of its European unit to the company's revamped global strategy.
Kate Laycock (jp, glb)