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General Motors says Magna's Opel bid has obstacles, RHJ's is easier to accept

General Motors Co. says a bid for Opel from Magna International faces hurdles while a rival offer from Belgian investor RHJ International would be easier to accept. Writing on GM Europe's Web site, John Smith, GM's chief negotiator for the Opel sale, says Magna's bid "contained elements around intellectual property and our Russian operations that simply could not be implemented." He adds: "GM has partners in other parts of the world who have joint ownership of these assets ...

Concorso Ferrari puts on a show in Pasadena

WITH VIDEO -- Most people have seen the Old Town section of Colorado Boulevard in Pasadena, Calif., once a year--during the Rose Bowl parade. Well, finally, there's a new and good reason to interrupt traffic on Colorado: Concorso Ferrari. It's a splendid gathering of beautiful Ferraris for which the city closes down two whole blocks of the busy thoroughfare for anyone who wants to ogle the hundreds of Italian works of wheeled art parked there for the day.

GM to shut down Saab

General Motors will shut down Saab after the automaker wasn't able to conclude a deal to sell the brand to Spyker Cars, GM said on Friday. “Despite the best efforts of all involved, it has become very clear that the due diligence required to complete this complex transaction could not be executed in a reasonable time," GM Europe president Nick Reilly said in a statement. "In order to maintain operations, Saab needed a quick resolution.