News just in, with thanks to Dippen via comments…
General Motors (GM) has announced it has cancelled plans to sell its European car business Opel, including its UK brand Vauxhall.
The US giant said in a statement that its board had made the decision because of “an improving business environment for GM over the past few months”…..
……GM added that it had also come to its decision because of the importance of Opel and Vauxhall to its global strategy.
It said it would now “initiate a restructuring of its European operations in earnest” and seek aid from the German government, and other European states.
However, its decision is likely to cause much anger in Europe, where the planned sale of Opel has been dragging on for months.
I believe the Saab deal is binding, so there should be any plans to back out of that one. And how glad are you and I now that Saab wasn’t bundled in with the sale of Opel as some initially suggested.
This has got to be a difficult situation. I undersand why they’d want to keep Opel, but with the EU rules on (more) state aid and the fact that many workers actually wanted the sale to proceed, this is going to be a pretty hairy workplace for some time.
I wonder how many Christmas card lists just got torn up in Europe and Canada?