General Motors cancels Opel sale

General Motors announced today that the company is going to keep Opel and their board of directors decided to cancel the sale process of its subsidiary to a Russian group led by Magna. GM said that they decided to terminate this sale because the business environment was improving in these last months for GM and Opel & Vauxhall are important brands for the company’s global strategy.

Fritz Henderson, GM’s president and CEO declared that the company will present a restructuring plan for the European division from Germany and other governments and he hopes it will be considered as favorable by everyone. General Motors also predicts that the restructuring of Opel will cost around $4.4 billion.

[Source: GM]