Canadian auto workers in agreement with GM

Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} The Canadian Auto Workers Union has ratified an agreement with General Motors that will reduce labor costs at the troubled US automaker, in a deal required by the Canadian government as a condition of its joint bail-out of GM.   The deal to cut wages, pensions and benefits was approved by 86 percent of the members who voted.   GM asked for a C$3 billion loan from the Canadian government and the government of Ontario. As a condition of the loan, however, the governments said that GM had to cut its costs to be competitive with Toyota Canada, which is non-unionized.   Union boss Ken Lewenza said his members had little choice but to accept the deal, which will keep GM's Canadian factories open. "They understand the crisis in the auto industry," he said.   United Auto Workers' union officials in the United States have also reached a cost-cutting deal, which will change the payment terms on $20 billion that GM owes to a UAW trust fund.   The UAW hopes to have the agreement ratified by its 54,000 GM members by Thursday.   GM faces a deadline of 1 June to either restructure its debt or file for bankruptcy, with some newspapers reporting that it will take the same option as its rival Chrysler and file for Chapter 11 bankruptcy protection.   Another plank of GM's reorganization is the sale of its European units, including the German brand Opel.   Fiat chief executive Sergio Marchionne is due to meet German Chancellor Angela Merkel today, ahead of an expected decision on a preferred bidder on Wednesday.     *┬á┬á┬á┬á┬á┬á┬á┬á┬á *┬á┬á┬á┬á┬á┬á┬á┬á┬á *