General Motors Cancels Sale with Magna and Russian Sberbank and Decides to Keep Opel

4 11 2009

General Motors nowadays announced that the group’s Board of Directors decided to cancel the sale of Opel to a Russian-backed group led by Magna and keep it under control.

Opel_sale_GM

The U.S. automaker said that it took this certitude because of an “improving custom environment for GM over the older few months” as well as the importance of the Opel/Vauxhall brands to the firm’s universal approach. GM‘s president and CEO Fritz Henderson said in a primed statement that the company will portray its restructuring idea for its European section to Germany and other governments and hopes for its favorable consideration. The U.S. automaker expects that the restructuring of Opel will price around €3 billion, or about $4.4 billion at today’s switch rates.

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