GM confirms to keep Opel, scraps Magna deal
November 4th, 2009 - 8:21 am ICT by IANS ( Leave a comment )Washington, Nov 4 (DPA) General Motors’ board voted Tuesday to hold on to its Opel division rather than sell a majority stake to Canada-based Magna, ending months of uncertainty and dashing the hopes of German officials.
“Given an improving business environment for GM over the past few months, and the importance of Opel-Vauxhall to GM’s global strategy, the GM board of directors has decided to retain Opel and will initiate a restructuring of its European operations in earnest,” GM said in a statement.
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Tags: board of directors, business environment, canada, dpa, general motors, german officials, global strategy, gm, gm board of directors, magna, majority stake, opel vauxhall, restructuring, scraps, uncertainty
