In what looks like an attempt to get some more money coming in, General Motors is currently looking for potential buyers for their European arm, Opel. “We are continuing to work toward a restructuring of our German and certain other European operations, which could include a third-party investment in Adam Opel GmbH that would own all or a significant part of our European operations,” GM said in a regulatory filing outlining its revised restructuring plan. Opel, which was acquired in 1929, has been the core of GM Europe operations and is doing pretty well now, comparing with the rest of GM, which is on the edge of bankruptcy.
Asked whether selling Opel would affect GM’s global operation, Fritz Henderson, the company’s CEO, said “”I think GM will remain a global corporation without a doubt,” Henderson said, “but there’s no question in my mind that the nature of those global relationships will change.” He also said that GM has held talks over the past month with several investors interested in Opel, but declined to give any names. However, according to The Detroit News, among the companies interested in Opel are the Italian giant Fiat and Magna International Inc., one of the world’s largest auto parts supplier.
[Source: The Detroit News]