November 4, 2009
GM calls off sale, keeps Opel
General Motors Co.'s board of directors Tuesday voted to keep its German carmaker, Adam Opel GmbH, instead of selling it to Canada's Magna International Inc. and its Russian partner, Sberbank, The Detroit News reports. The board based its decision, in part, on an improved business environment in Europe and GM's overall financial health and stability since emerging from bankruptcy court after receiving about $50 billion in federal aid. Those two factors gave GM confidence "that the European business can be successfully restructured," President and CEO Fritz Henderson said. Opel and its British Vauxhall operations are key parts of GM's global product development system and account for the bulk of GM sales in Europe.
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