GM Europe says Opel-Vauxhall assets pooled

[May 27, 2009]  BERLIN (AP) -- GM Europe says the assets of its Opel and Vauxhall brands are being consolidated under the ownership of its German-based Opel unit to prepare for an investor to acquire the company.

GM Europe spokeswoman Karin Kirchner says the factories, patents and other assets of the German and British brands are being consolidated debt-free under Adam Opel GmbH. Opel belongs 100 percent to General Motors Corp.

Kirchner said the move approved Wednesday by Opel's supervisory board would prepare Opel and sister company Vauxhall for a sale.

Kirchner says: "This way it can join a partnership with a potential investor. You have one company that would be invested in or would sell a stake."

[Associated Press]

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