Courtesy of GM

GM's board of directors have opted against selling the Opel and Vauxhall brands to Canadian firm Magna, but warn company-wide restructuring will take effect soon.

The fate of GM's Polish plant in Gliwice, is to be decided in the restructuring plans which GM will submit to the German government in a bid to gain financial aid, but no details have yet been revealed.

“GM will soon present its restructuring plan to Germany and other governments and hopes for its favorable consideration,” Fritz Henderson, GM's president and CEO, was quoted in a statement as saying. “We understand the complexity and length of this issue has been draining for all involved. However, from the outset, our goal has been to secure the best long term solution for our customers, employees, suppliers and dealers, which is reflected in the decision reached today. This was deemed to be the most stable and least costly approach for securing Opel/Vauxhall’s long-term future,” he added.

Mr Hendersen also noted that GM's performance, along with the market, had picked up pace. “While strained, the business environment in Europe has improved,” the CEO said. “At the same time, GM’s overall financial health and stability have improved significantly over the past few months, giving us confidence that the European business can be successfully restructured.”