GM to Retain Opel in Break From Post-Bankruptcy Plan »
Posted By Bemuzed 3 weeks, 1 day ago in Business & Finance
General Motors Co.’s board voted to keep its Opel unit rather than sell a majority stake to Magna International Inc. and partner OAO Sberbank, citing an improving economy and the brand’s strategic importance.
The decision sets aside an agreement to sell 55 percent of Ruesselsheim, Germany-based Adam Opel GmbH to Magna, Canada’s largest car-parts maker, and Sberbank, Russia’s biggest lender. GM expects about 3 billion euros ($4.42 billion) in expenses to restructure the money-losing unit and its U.K. twin Vauxhall.
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