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Thursday, June 9, 2011

GM considers putting Opel up for sale again-reports, (NYSE: GM)

General Motors (GM.N) is considering putting European arm Opel up for sale again, two German magazines reported. Auto Bild and Spiegel Online said on Thursday that possible buyers could be Chinese carmakers or Germany's Volkswagen (VOWG_p.DE), which has a war chest of almost 20 billion euros ($29.3 billion). Opel and Volkswagen both failed to comment on the reports. In 2009, GM dropped plans to spin off Opel, backtracking on months of negotiations to sell it. It then embarked on a drastic restructuring to get the unit, which lost $1.6 billion last year, back on track. The works council of Opel said in a statement that the reports were "pure speculation" and demanded a denial from parent company General Motors.

General Motors Company (GM) is a global automotive company. Shares of GM remained unchanged at $28.86. In the past year, the shares have traded as low as $28.39 and as high as $39.48. On average, 14675200 shares of GM exchange hands on a given day and today's volume is recorded at 200.



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