Gm is heading for a record ipo
About a year after the bankruptcy, the Opel parent company General Motors wants to go public again. Also to get rid of the state as owner. With revenues of up to $ 20 billion, the issue could become one of the largest of all time.
By Klaus Kastan, BR Radio Studio Washington
Slowly but steadily, General Motors has been improving again for months. in the second quarter the company made $ 1.3 billion in net income. The automakers in Detroit are also hoping for black numbers for the year as a whole. The management of the Opel mother, who after the Broke last year It is now over 60 percent owned by American taxpayers and has undergone painful restructuring. Costs have been reduced primarily through radical staff cuts and cuts in the social security system for employees.
Another reason for the positive development: The group is now building better cars, praise many experts. The US traffic analyst Rebecca Lindlant, for example, speaks of "really, really solid cars". She is very impressed.
One of the world’s largest IPOs
As a first step, GM wants to bring shares with an estimated value of 16 billion dollars to the people through the IPO. That would be one of the largest IPOs in the world. "This IPO is so important for the company," says auto expert Lindlant. Because for GM this is the only way to get rid of the state as owner again. "Everyone wants this success."
The job of the car manager
First and foremost the US government, which would rather put responsibility for the company back into private hands today than tomorrow. In the past, President Barack Obama had repeatedly emphasized that he and his Treasury Secretary did not want to go down in history as a car manager.
Rescue with state funds
On the other hand, the positive development at General Motors also shows how right they are Decision last year was to save the bankrupt car company with state money. And so the bulk of the current stock sales will flow back primarily to American taxpayers.
In addition to the US government as the majority shareholder in GM, other shareholders are the American auto workers union with almost 18 percent, Canadian companies and ten percent private individuals.
Risks in sight
But critics are already warning against too much optimism. The IPO also carries risks. The situation at GM must stabilize further. The withdrawal of the powerful company boss Ed Whitacre, which became known last week, has rather unsettled the markets, says auto expert Michelle Krebs. And economic development does not necessarily have to remain so positive either. "What GM needs now is stability and consistency," says Krebs. She points out that the two best quarters were behind GM. The next two quarters would in all likelihood not look quite as good.
Promise to employees
Nonetheless, the management of the car company is relying on a profitable future: According to media reports in a paper for the American stock exchange regulator, the employees of the German subsidiary Opel will receive up to one billion euros from the US parent company if the Detroit company has its Commitments to invest in new models and jobs should not adhere to.