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GM could sell Opel stake for no gain, says report

Posted Monday, Apr 20, 2009, 11:39 am in Employee News

General Motors Corp. is prepared to part with a controlling stake in Opel/Vauxhall for nothing but a pledge to invest directly in a new company formed from its European operations, the Financial Times said on Sunday, citing two people familiar with its plans.

An investor will be asked to pay at least 500 million euros, or $652 million in equity, but the automaker will realize no financial gain as the money will be injected directly into Opel, the report said, citing a person familiar with GM’s thinking, Reuters reported.

Last week, CEO Fritz Henderson said GM was in talks with more than six financial and industrial groups about acquiring a stake in its European arm, the news service reported. The Financial Times said Commerzbank, GM’s advisers on Opel, last week sent out an offer document for the German brand, the article said. (Reuters/Automotive News)
 
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