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GM to keep European Opel

November 04, 2009, 7:15 AM /

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DETROIT (AP)—General Motors Co. says its board of directors has decided to keep its European Opel unit rather than sell a 55 percent stake to Canadian auto partsmaker Magna International.

The decision came Tuesday at a daylong meeting in Detroit, ending a year of uncertainty for the troubled Opel brand and its English sister, Vauxhall.

CEO Fritz Henderson says in a statement that GM will present its restructuring plan for Opel to the German government soon. The move came even though Opel’s unions on Tuesday reached agreement with Magna for $390 million a year in cost cuts.


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