General Motors Shakes Off Rumors Regarding Opel

It is now official that General Motors’ Opel affiliated brand is not for sale, as Dan Ackerson GM top executive dismissed the rumors which stated that the maker’s long-troubled Opel subsidiary is for sale. “We don’t comment on speculation,Opel is not for sale.” Dan Ackerson Genera Motors CEO was quoted as saying by

Ackerson made it loud and clear, rephrasing an earlier comment which he made this this month, which apparently had a small effect in denying repots from Germany saying that Opel would be placed on the market.

Whether his latest comment will finally end the speculations remains to be seen. Also, Ackerson expects to report its sixth consecutive quarterly profit next week, since the company emerged from bankruptcy in 2009.

The German Press has released rumors for several weeks saying that GM might be willing to sell Opel if a buyer would be found. Furthermore, Chinese car manufacturers and Volkswagen AG, which has its “chest” filled with more than 19.5 million in cash, have been mentioned as possible buyers. Opel has been General Motors' main point of interest in Europe.

Despite the strong ongoing efforts at restructurating the subsidiary, it faced some rough periods, managing to produce $14,5 billion in losses over the past decade. When GM emerged from bankruptcy, it made a serious effort in trying to sell a part of Opel. The deal was nearly complete and GM almost almost agreed to transfer the majority control to a Russo-Canadian consortium headed by Toronto-based Magna International. Still, the future doesn’t looks good for Opel. The big question remains: What will GM do if the situation doesn’t improve?
If you liked the article, please follow us:  Google News icon Google News Youtube Instagram

Would you like AUTOEVOLUTION to send you notifications?

You will only receive our top stories