GM opts to keep Opel, scraps sale to Magna

 

GM said it expected that restructuring Opel on its own would cost about 3 billion euros ($4.41 billion).

"GM will soon present its restructuring plan to Germany and other governments and hopes for its favorable consideration,

Germany had promised 4.5 billion euros ($6.58 billion) in aid to help close the Magna deal, which was widely seen as the option for Opel most likely to preserve jobs

German state of Hesse's premier, Roland Koch, said he was angered by GM's decision not to sell Opel to Magna, and that he wanted GM to pay back its bridge loan by November 30.

Click on the following for more details:  GM opts to keep Opel, scraps sale to Magna - Yahoo! News