GM to Sell Majority Stake in Opel
General Motors continues to pare down its assets to focus on four core brands, saying today that it will sell 55 percent of its Opel brand to a consortium made up of Magna, a Canadian auto parts supplier, and Sberbank, a big Russian and Eastern European bank.
The deal is being backed by financing from the German government. Opel employees will hold a 10 percent stake. GM will retain a 35 percent stake.
To read the entire GM release, click here.
GM bought 80 percent of Opel in 1929, taking the stake to 100 percent in 1931. It was taken by the Nazis in World War II and GM didn't regain control until 1948.
Post-bankruptcy New GM will consist of Chevrolet, Cadillac, Buick and GMC. The company sold its Hummer brand to the Chinese, sold its Saturn brand to race car titan Rick Penske, will simply allow Pontiac to die and sold its Saab division to a Swedish manufacturing of bespoke super-cars.
-- Frank Ahrens
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September 10, 2009; 10:06 AM ET
Categories: The Ticker | Tags: Buick, Cadillac, Chevrolet, GM, Hummer, Opel, Pontiac, Saturn
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