Troubled General Motors has decided to retain its European operations, just as it was finalising plans to sell them off as part of its Chapter 11 bankruptcy reorganisation.
Opel and Vauxhall were to be sold to a consortium led by Canadian parts manufacturer Magna, but after months of negotiation GM's president Fritz Henderson has announced that GM will hold on to the European manufacturers. The move probably spells good news for the 2,000 workers at Vauxhall's Ellesmere Port factory, whose jobs that were previously thought under threat may now be saved.
The U-turn from GM comes as fellow 'troubled giant' Chrysler may be about to pull its house-brand out of Europe altogether. Under new stewardship from FIAT the Chrysler brand could disappear from European showrooms, leaving Jeep as the only international badge on Chrysler's books. FIAT will confirm its plans for Chrysler in a press conference tomorrow.
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