All of Opel for sale

[rickaren]

GM: All of Opel for sale

Posted Tuesday, Apr 28, 2009, 12:27 pm in Employee News

General Motors Corp. may sell not just part, but possibly all of its German car-making subsidiary Adam Opel, one of the U.S. automaker’s earliest overseas acquisitions, GM disclosed Monday in a regulatory filing and The Detroit News reported.

“We are continuing to work toward a restructuring of our German and certain other European operations, which could include a third-party investment in Adam Opel GmbH that would own all or a significant part of our European operations,” GM said in a filing outlining its revised restructuring plan.

GM President and Chief Executive Officer Fritz Henderson said at a news conference Monday that the company has held talks over the past month with several investors interested in Opel, The News said.

If a deal results in GM’s interest in Opel falling below 50 percent, “we will need to manage our European business much like our business in Korea is managed, which is for the shareholders of that business,” Henderson said. GM owns 50.9 percent of GM Daewoo Auto & Technology, with Suzuki Motor Corp., Shanghai Automotive Industry Corp. Group and some GM Daewoo creditors holding smaller stake, the paper said. (The Detroit News)