General Motors Cancels Plan to Sell Opel, Seeks EU Aid

World | November 4, 2009, Wednesday // 08:57
General Motors Cancels Plan to Sell Opel, Seeks EU Aid: General Motors Cancels Plan to Sell Opel, Seeks EU Aid GM had agreed to sell Opel and Vauxhall to Canadian car parts firm Magna. Photo by BGNES

General Motors (GM) has cancelled plans to sell a majority stake in its European car business Opel, including its UK brand Vauxhall.

The US giant said in a statement that its board had made the decision because of "an improving business environment for GM over the past few months", the BBC reported.

GM had agreed to sell Opel and Vauxhall to Canadian car parts firm Magna.

It added that it would now be seeking aid for Opel from the German government and other European states.

GM added that it had also come to its decision because of the importance of Opel and Vauxhall to its global strategy.

It said it would now "initiate a restructuring of its European operations in earnest".

World » Be a reporter: Write and send your article
Tags: General Motors, Opel, Magna, EU

Advertisement
Advertisement
Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria