The auto factory Pinault proposed to replace had been a site of labor demonstrations.

FORBES: Why the man who controls Gucci had to have his own museum.

Greece has already agreed to a harsh austerity program and labor market reforms, which have led to violent street demonstrations and crippling unemployment.

CNN: Greeks pushed to work more to pay debt

In return for international bailout funds, Greece has agreed to a harsh austerity program and labor market reforms -- measures that have led to violent street demonstrations in the past.

CNN: Thousands protest austerity measures in Greece

The news was welcomed by the labor organization for Opel's employees, who had staged recent demonstrations demanding that GM's European brands sever their ties with the American parent company -- perhaps with governments taking a stake.

CNN: GM Europe restructures Opel as a separate unit