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Gm Regains Full Control Of Opel

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GM regains full control of Opel

NOVEMBER 30, 2009 - 4:00 PM ET

BERLIN (Reuters) -- General Motors Co. has paid back all of an emergency loan it had received for Opel, regaining full control of the European brand and dissolving a trust that held a 65 percent stake in Opel.

The loan was 1.5 billion euros (about $2.25 billion) including interest.

“The shares in Adam Opel GmbH were returned to GM,” the German economics ministry said today in a statement.

GM lost majority ownership in Opel in June, when Germany agreed to provide a six-month emergency loan to European unit hours before GM filed for a prepackaged U.S. bankruptcy.

The Opel trust’s main job was to monitor the brand’s liquidity needs and oversee the sale of a majority stake to a new investor. GM decided earlier this month to scrap plans to sell Opel to a consortium led by Canadian supplier Magna International Inc.

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