General Motors Co. says its board of directors has decided to keep its European Opel unit rather than sell a 55 percent stake to Canadian auto parts maker Magna International (NYSE: MGA).
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The decision came Tuesday at a daylong meeting in Detroit, ending a year of uncertainty for the troubled Opel brand and its English sister, Vauxhall.
CEO Fritz Henderson says in a statement that GM will present its restructuring plan for Opel to the German government soon. The move came even though Opel's unions on Tuesday reached agreement with Magna for $390 million a year in cost cuts.
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