General Motors Call off sale
Filed under: General
06 November 2009
General Motors have reversed its decision to sell its European arm, Vauxhall-Opel. It had agreed to sell a majority stake to a consortium led by the parts maker Magna, a bid that was supported by a large share of money from Russia’s state bank.
GM says the eleventh-hour decision to keep Vauxhall-Opel has been made because it can now see its way to being profitable in the US. This is possible because earlier this year it went through bankruptcy in the States, slimmed itself down and shook off debt. It also says the car business is turning the corner in Europe.
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