Sign in to follow this  
Followers 0

Gm Regains Full Control Of Opel

2 posts in this topic

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.


Share this post

Link to post
Share on other sites

Your content will need to be approved by a moderator

You are commenting as a guest. If you have an account, please sign in.
Reply to this topic...

×   You have pasted content with formatting.   Remove formatting

  Only 75 emoticons maximum are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

Sign in to follow this  
Followers 0