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GM board decides to keep European Opel unit17 days ago
By TOM KRISHER and GEORGE FREY
AP Business Writers
(AP:DETROIT) 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 parts maker 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.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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