GM regains full control of Opel

 

General Motors GM.UL has regained full control over Opel after paying back a 1.5 billion euro (1.37 billion pound) emergency loan including interest, dissolving a trust that held a 65 percent stake in the European carmaker.

"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.