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Tuesday, November 03, 2009
GM Board Decides Not To Sell Opel: Reports
By Wallace Witkowski
MarketWatch Pulse
SAN FRANCISCO -- General Motors Co.'s board has decided not to sell its Opel unit, according to media reports late Tuesday, citing sources briefed on the decision. In September, General Motors had announced it was in a deal to sell a majority stake in its European Opel and Vauxhall operations to a consortium including Canada's Magna International Inc. and Russia's Sberbank. Reuters reported that GM's board decided to axe the deal after European Union officials asked GM if it would have agreed to the deal had it known Germany's 4.5 billion euros, or about $6.58 billion, in state aid would have gone to any buyer. The Wall Street Journal reported that GM has decided instead to pursue a 3 billion euro, or about $4.42 billion, restructuring plan.
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