General Motors has decided to sell a major portion of its European Opel division to a consortium led by the Canadian auto provider Magna, the automaker announced Thursday.
Under the plan, Magna, along with Russia's Sberbank, will take over 55% of Opel. Opel workers will own another 10%, leaving GM with just 35% of Adam Opel GmbH, an automaker GM has owned since 1929, except for a period of government control around World War II.
Opel, along with its closely linked British sister-brand Vauxhall, is GM's largest-selling brand in Europe by far. Together, they represent more than 70% of GM's European sales.
useful links: transport rankings
Under the plan, Magna, along with Russia's Sberbank, will take over 55% of Opel. Opel workers will own another 10%, leaving GM with just 35% of Adam Opel GmbH, an automaker GM has owned since 1929, except for a period of government control around World War II.
Opel, along with its closely linked British sister-brand Vauxhall, is GM's largest-selling brand in Europe by far. Together, they represent more than 70% of GM's European sales.
useful links: transport rankings
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