GM to keep Opel
- Source: Global Times
- [10:47 November 04 2009]
- Comments
General Motors Co.'s new board of directors decided that the automaker will keep its German-based Adam Opel unit rather than selling it to Canadian parts maker Magna International and Russian partner OAO Sberbank.
GM's board made this decision on November 3 at its monthly meeting. They are concerned about losing control of the European market and giving technology to Russian automakers.
President and CEO Fritz Henderson said in a prepared statement that Opel can be successfully restructured.
In May, GM entered a tentative agreement with Magna over the sale of a majority stake in Opel and its British sister brand Vauxhall.
Agencies and Shi Jierui contributed to this story
