Delphi spinoff is 'just what the doctor ordered' for GM

Article Abstract:

General Motors has announced plans to spin off Delphi auto parts business in 1999. GM will sell 15% to 20% of Troy, MI-based Delphi in an initial public offering that is likely to generate between $1.5 billion and $3 billion, depending on the market value of Delphi. Afterwards, GM will spin off the rest of Delphi to shareholders. Meanwhile, the United Auto Workers (UAW) would oppose the deal, according to UAW President Steve Yokich. The spin off of Delphi would give the company a better opportunity to gain non-GM business.

Comment:

Announces plans to spin off Delphi auto parts business in 1999 through an initial public offering and spin off to shareholders

Asset sales & divestitures, General Motors Corp., Article

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Delphi may put solo UAW pact on hold

Article Abstract:

Delphi Automotive Systems' 46,000 US employees will still be under General Motors Corp's (GM's) national United Auto Workers (UAW) agreement even after the former is spun off by GM. According to J.T. Battenberg, CEO of Delphi, it is unlikely that the company would have its own UAW contract even after completion of spinoff because of "spinoff impact" and "labor peace." On May 28, 1999, GM will distribute its remaining Delphi stake to its stockholders.

Personnel administration, Delphi Corp.

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