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Thread: GM looks to sell UK operations

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    Regular Member PeterVV's Avatar
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    Default GM looks to sell UK operations

    General Motors (GM) said it would sell and lease back some of its non-manufacturing operations in Europe including Britain, as part of its efforts to raise cash quickly. Skip related content
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    GM looks to sell UK operations



    The company's European division has retained real estate agent Jones Lang LaSalle to help identify potential buyers. The company has the potential to raise about 257 million dollars (£167 million).
    "Investigations are under way as to what would be viable," said Denis Chick, spokesman for GM's United Kingdom and Ireland division in an email.
    According to Mr Chick, properties in the UK that could be sold include its headquarters in Luton, a parts warehouse in Luton and an engineering site in Millbrook, Bedfordshire.
    GM has also delayed multiple projects, including new vehicles and engines, in order to cut costs. Earlier this month the company said it would sell its 3.02% stake in Suzuki Motors for 230 million dollars (£149 million).
    The company is burning through cash more rapidly than it is making money, and may be at its minimum cash levels by the end of the year. GM is banking on swift congressional approval of taxpayer-backed bridge loans. Company executives are currently preparing a viability plan to present to Congress by Tuesday.
    Shares of GM rose 43 cents, or 8.9%, to close at 5.24 dollars on Friday.

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    Regular Member yorkshireborn's Avatar
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    may be true maybe not but im lead to belive that the insignia vxr is on hold untill some sales figures come thru on the launch of the insignia.

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    Regular Member gtr1000's Avatar
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    So glad I've just put my Opel grille on

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    On a Sabbatical VauxVeteran's Avatar
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    OMG, I can see it now, the Vauxhall Stillo, and the range topping Vauxhall 608, gawd help GM if this happens or worse if a Vauxhall Dedra is launched.

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    On a Sabbatical VauxVeteran's Avatar
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    I'm goona bid a quid, by Feb 09 I should own Woolies, Manky Furniture Industries, GM, and a website called Deluded & Slightly Mad where everyone wears a pair of socks on their ears and shouts out ooooohdahbargar while surfing.

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    Regular Member John C S's Avatar
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    Manky Furniture Industries, I love it Ian! I thought it always stood for Made for Idiots.

    And I'll be converting Currys in to mega size Indian Restaurants and Take-Aways. Better use of the name, more relevant and the first time that Currys will have good service.

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    Regular Member yorkshireborn's Avatar
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    best m8 bought £100 woolies shares at 1p b4 they suspended them.
    maybe worth somthing if they get bought.

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    Regular Member 67688c's Avatar
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    Quote Originally Posted by yorkshireborn View Post
    best m8 bought £100 woolies shares at 1p b4 they suspended them.
    maybe worth somthing if they get bought.
    I think they will get bought by someone, (taxpayer again..lol) as I posted earlier Why did Alan Sugar buy almost 2 million quids worth of more shares in Woolies in October (link below) Bit of insider trading going on perhaps, I could'nt imagine him doing that just to lose it a couple of months later... strange!

    http://www.guardian.co.uk/business/2...lworths-retail

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