Advisers suggest that GM keep ownership of Opel

August 25, 2009

Advisers suggest that GM keep ownership of Opel

BLOOMBERG NEWS

General Motors Co. advisers are recommending the board consider spurning a German-backed sale of its Opel unit to retain a bigger presence in Europe and Russia, a person familiar with the discussions said.

The advisers suggest that GM seek aid from other European governments to retain ownership of Opel as an alternative to surrendering control to a group led by Canada’s Magna International Inc. or to Brussels-based RHJ International SA said the person, who asked not to be identified because the talks aren’t public.

GM’s new board, dominated by members appointed after the Obama administration forced the company into bankruptcy, is questioning the decision made by previous directors to give up control of the unit to save it. The delay is a setback for German Chancellor Angela Merkel, who is pressing for a quick resolution to the matter.

"Every day counts for workers and for the economic situation" of Opel, Merkel said in a TV interview.


 

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