GM regains full control of Opel as trust dissolves

30 November 2009 @ 05:52 pm EDT

General Motors has regained full control over Opel after paying back a 1.5 billion euro emergency loan including interest, dissolving a trust that held a 65 percent stake in the European carmaker.

Flags fly in the wind in front of the Opel assembly plant of Antwerp November 25, 2009. General Motors carmaker representatives and Opel unions are due to meet today to discuss the future of G.M.'s European branch.

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"The shares in Adam Opel GmbH were returned to GM," the German economics ministry said in a statement on Monday.

GM lost majority ownership in Opel in June, when Germany agreed to provide a six-month emergency loan to the Ruesselsheim-based manufacturer of the Insignia hours before GM filed for a pre-packaged bankruptcy.

The trust's main job was to monitor Opel's liquidity needs and oversee the sale of a majority stake to a new investor. GM decided early in November to scrap plans to sell Opel.

(Reporting by Gernot Heller, writing by Christiaan Hetzner; Editing by Toni Reinhold)

GM regains full control of Opel as trust dissolves

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