GM says won't sell Opel; Peugeot alliance on track

Fri Oct 5, 2012 6:59am EDT
 
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FRANKFURT (Reuters) - General Motors (GM.N: Quote) reaffirmed its commitment to its ailing European arm Opel, rejecting on Friday speculation it might be interested in disposing of the loss-making brand to rival Fiat FIA.MI.

"Opel is not for sale. GM fully stands behind Opel," GM Vice Chairman Stephen Girsky said in a brief statement sent by email.

Earlier on Friday, Italian daily Il Sole-24 Ore wrote in an unsourced report that Fiat FIA.MI Chief Executive Sergio Marchionne is ready to buy Opel if GM's alliance with France's Peugeot PEUP.PA dissolves.

"Opel is a fully integrated part of GM's global footprint and vital for GM's future success in Europe. The GM-PSA alliance is fully on track," Girsky said in the statement.

Fiat had expressed interest in acquiring Opel -- known as Vauxhall in the UK -- in 2009, only to see a consortium around Canada's Magna MG.TO be awarded exclusivity in negotiations with GM that later collapsed.

(Reporting By Christiaan Hetzner)

 
The logo of Opel is seen at a plant in Bochum August 23, 2012. REUTERS/Ina Fassbender