Opel OK with GM's Decision

General Motors announced today that it will keep Opel and will cancel the sale to Magna International and, as far the German company is concerned, it has no problem with such a scenario. The company said in a press statement that both Opel and Vauxhall are playing a key role in GM's global operations so it will continue to support its efforts to secure a successful future.

"The GM Board of Director’s decision shows that Opel and Vauxhall have an important role in GM’s global strategy, a role that GM is eager to maintain. Following difficult and lengthy negotiations between many parties with different interests, it is now clear that Opel / Vauxhall will continue to play a strategic role within GM," Opel said in an official statement.

"In the interest of all Opel / Vauxhall employees and the continuation of the Opel / Vauxhall business which in recent months has delivered many sales and product successes, a clarification of any open question is of particular importance. In the interest of Opel / Vauxhall, all parties will work to safeguard a successful future for the two brands."

Magna on the other hand said in a statement that it will continue to collaborate with General Motors in the supplying business. It thanked GM for all its efforts shown during negotiations and applauded Sberbank's support for the acquisition.

"We understand that the Board concluded that it was in GM's best interests to retain Opel, which plays an important role within GM's global organization. We will continue to support Opel and GM in the challenges ahead and wish to thank everyone who supported the Opel restructuring process for their tireless efforts and dedication over the past several months," Siegfried Wolf, Magna's Co-Chief Executive Officer, said in an official statement.