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GM Europe pools assets of Opel-Vauxhall as sale looms

General Motors  moved yesterday to package together the assets of itsEuropean Opel and Vauxhall car brands for possible new ownership beforetop-level meetings with bidders and government officials in Berlin.

General Motors moved yesterday to package together the assets of its European Opel and Vauxhall car brands for possible new ownership before top-level meetings with bidders and government officials in Berlin.

Opel’s supervisory board approved a GM Europe plan to pool its European plants, sales operations, patents and other assets, excluding Sweden’s Saab unit, debt-free under German-based Adam Opel, said Karin Kirchner, a spokeswoman for GM Europe.

“This way it can join a partnership with a potential investor,” Kirchner said. “You have one company that would be invested in or would sell a stake.”

Italy’s Fiat, Canadian auto parts maker Magna International and U.S. investment firm Ripplewood Holdings have all filed bids for Opel.

 
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