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GM scraps plans to sell off Vauxhall

Source: observer.guardian.co.uk

Nov 03, 2009

Summary

• Takeover by Magna had threatened more than 10,500 jobs
• GM says decision follows European business improvement

General Motors tonight scrapped plans to sell off its Opel and Vauxhall European car business to a Canadian parts firm.

A previously agreed takeover by Magna had threatened more than 10,500 jobs across Europe.

A spokesman for GM in the US said: "The board have decided to retain Vauxhall and move forward with restructuring the business."

In a statement, Fritz Henderson, president and chief executive of General Motors, said the decision to retain Vauxhall followed a more benign business environment in Europe and GM's improved financial health.

He said: "We understand the complexity and length of this issue has been draining for all involved. However, from the outset, our goal has been to secure the best long-term solution for our customers, employees, suppliers and dealers, which is reflected in the decision reached today.

"This was deemed to be the most stable and least costly approach for securing Opel/Vauxhall's long-term future."

Henderson added: "While

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