GM now says won’t sell Opel
General Motors, on Tuesday, abandoned the Opel sale saying improving business conditions and the strategic importance of Opel had prompted the move by its board of directors.
The decision left open the question of how GM will finance its plan to restructure Opel, the backbone of its operations in Europe and a key source of global technology for mid-sized cars.
The spokeswoman said GM would repay the rest of a €1.5 billion ($2.2 billion) bridge loan due at the end of November if Berlin requested. The loan helped save Opel from being sucked into GM’s dip into bankruptcy this year.
GM Chief Executive Fritz Henderson broke the news to her delegation during Merkel’s meeting in Washington with the heads of the World Bank and IMF shortly before she returned to Berlin.
