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GM decides against selling Opel to Magna-Sberbank

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U.S. General Motors (GM) board of directors decided against selling Germany's Opel to the Magna-Sberbank consortium and to retain its big European car division, Germany's DPA news agency reported.

BERLIN, November 4 (RIA Novosti) - U.S. General Motors (GM) board of directors decided against selling Germany's Opel to the Magna-Sberbank consortium and to retain its big European car division, Germany's DPA news agency reported.

On September 10, General Motors announced that it took a long-awaited decision to sell Opel to a consortium of Canada's auto parts maker Magna and Russia's largest bank, Sberbank. The decision was approved by the Opel board and the German government.

According to the previous plans, the Magna-Sberbank consortium was set to own a 55% stake in Opel on a parity basis, and the German carmaker was to control 10% with GM retaining 35%.

 

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