Henderson: Buyer for Opel picked by end of month

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Filed under: GM, Opel, FIAT

The Opel brand may be churning out some solid-looking products of late, but the European brand isn't long for the GM world. That isn't news, but the fact that a buyer will be chosen before the end of May is. GM CEO Fritz Henderson promised the quick turnaround of Opel during a Monday news conference, saying "several bidders" are interested in the brand.

So far, Fiat and Magna International have publicly expressed interest, but some are expecting at least one Chinese automaker to be in the mix. Henderson insists that the General would have the final say on the winning bidder, though the German government would be counseled on any decision. The German government has been asked to provide $2.5 billion euros in loans to finance the new company.

The sale of Opel is just one facet of GM's larger viability plan, which will pare the General down to four core brands; Chevrolet, GMC, Buick, and Cadillac.

[Source: Automotive News - Sub. Req.]

Henderson: Buyer for Opel picked by end of month originally appeared on Autoblog on Tue, 12 May 2009 08:27:00 EST. Please see our terms for use of feeds.

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