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GM cancels Opel sale, decides to hold onto brand

ongarite · 2009-11-03 23:43:55

General Motors (GM) has announced it has cancelled plans to sell its European car business Opel, including its UK brand Vauxhall. The US giant said in a statement that its board had made the decision because of "an improving business environment for GM over the past few months". GM had agreed to sell Opel and Vauxhall to…

03-11-2009 11:43pm

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ongarite

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General Motors (GM) has announced it has cancelled plans to sell its European car business Opel, including its UK brand Vauxhall.

The US giant said in a statement that its board had made the decision because of "an improving business environment for GM over the past few months".

GM had agreed to sell Opel and Vauxhall to Canadian car parts firm Magna.

The Magna deal had the backing of the German government, which had pledged 4.5bn euros ($6.7bn; £4bn) of loans.

GM added that it had also come to its decision because of the importance of Opel and Vauxhall to its global strategy.

It said it would now "initiate a restructuring of its European operations in earnest" and seek aid from the German government, and other European states.

However, its decision is likely to cause much anger in Europe, where the planned sale of Opel has been dragging on for months.

Magna has made no comment.

http://news.bbc.co.uk/2/hi/business/8341485.stm

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