GM to keep Opel
Published: 03 Nov 2009 19:02:01 PST
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
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