GM board opts to keep Opel-sources
DETROIT, Nov 3 (Reuters) - The board of General Motors Co [GM.UL] has opted to keep Opel, sources briefed on the deliberations said on Tuesday, undoing months of painstaking negotiations to sell the European unit to a Russian-backed group led by Canada's Magna (MGa.TO: Quote, Profile, Research).
GM's 13-member board was meeting on Tuesday in Detroit.
The meeting of the board came after European Union officials asked GM to confirm that it would have decided to sell Opel to Magna if it had known that 4.5 billion euros ($6.58 billion) in state aid promised by Germany would go to any buyer.
GM had no immediate comment. The sources with knowledge of the GM board deliberations could not be identified because the decision has not been announced.
© Thomson Reuters 2009 All rights reserved
India Investment Summit 2009
Top executives and bankers will discuss their own plans and the broader opportunities and challenges for India during the Reuters India Investment Summit in Mumbai and Bangalore. Blog | Full Coverage
PLAYBOY SALE
An icon bows to changing times
With his Playboy Enterprises in talks to be sold for about $300 million, the 83 year-old Hugh Hefner will be giving up control over the iconic adult entertainment empire he founded that was instrumental in shaping society's opinions on nudity, sex and free speech. Full Article
India
US
UK
