GM gives an update on Opel sale… sort of

The European Union is in the process of reviewing the Opel situation and the process by which Magna and Sberbank got involved, according to John Smith, GM Group Vice President, Corporate Planning and Alliances.

“Such a review is usual and customary when extensive government financial support is involved.” says Smith. “Last week, the Directorate-General for Competition expressed concerns about possible limitations on the availability of government financing for all Opel bidders, and how that may have influenced the selection process.”

There have also been changes made to the Magna/Sberbank proposal since the GM Board last convened on September 9, and those changes will be reviewed, along with Minister zu Guttenberg’s letter, at the Board’s regularly scheduled monthly meeting on November 3.

It was last reported that the head of EU competition wants to allow General Motors to reconsider the sale of its Opel brand.

– By: Stephen Calogera

Source: GM FastLane Blog