General Motors Corporation (NYSE: GM), a United States-based automaker, has denied reports that it is selling its Opel division to Italy-based Fiat SpA (NYSE: FIA) (ISE: IT0001976403).
GM vice chairman, Stephen Girsky, said, ‘Opel is not for sale. GM fully stands behind Opel.’
Girsky’s statement was in response to an article from Italian daily, Il Sole-24 Ore, claiming that Fiat was planning to enter talks with GM to buy the Opel division.
Morgan Stanley had earlier suggested that selling the division could be the automaker’s best bet for recovery in Europe.
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