GM was in the right to have reversed an agreement to sell its Opel unit in 2009, said GM CEO Dan Akerson. Why? Well, GM is now profitable in all of its regional units.

Speaking at Bloomberg’s Dealmakers Summit in New York today, Akerson said that GM’s global presence was one of the selling points during the company’s IPO in 2010.

“It was a bad deal,” Akerson said speaking about Opel. “We were giving Europe away.”

GM, which lost $14.5 billion in Europe since 1999, almost sold 55 percent of Opel to Magna International Inc. and partner OAO Sberbank, before reversing the decision in November 2009.

- by: Omar Rana

Source: Automotive News