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GM board decides to keep European Opel unit
By Associated Press/ BostonHerald.com
Tuesday, November 3, 2009

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 today 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 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. )





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