By Christoph Rauwald
FRANKFURT--General Motors Co. (GM) reiterated Friday that the
U.S. auto maker's European Opel brand isn't for sale, dismissing an
Italian newspaper report published earlier Friday suggesting that
talks over a sale to rival Fiat SpA (F.MI) could be revived.
"Opel is a fully integrated part of GM's global footprint and
vital for GM's future success in Europe," GM vice chairman and Opel
supervisory board chairman Steve Girsky said in an emailed
statement.
Fiat launched a bid for Opel in 2009 after GM put the unit up
for sale as part of a wide-ranging restructuring. Fiat's bid
sparked fierce opposition from German labor unions and politicians
due to concerns about large-scale job cuts as both Fiat and Opel
suffer from excess production capacity in Europe.
GM was close to selling Opel to car-parts maker Magna
International Inc. (MGA) at the time, but shot down the deal at the
11th hour after its board decided to keep the unit.
The Detroit auto maker reshuffled Opel's management and is
preparing a comprehensive turnaround plan for the division,
including an alliance with French peer PSA Peugeot-Citroen SA
(UG.FR) to share costs in the fields of purchasing and
development.
"The GM-PSA alliance is fully on track," Mr. Girsky said.
Write to Christoph Rauwald at christoph.rauwald@dowjones.com
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