December 20, 2012 / 7:45 PM / in 5 years

Opel wins funding by selling European facilities to GM -report

BERLIN, Dec 20 (Reuters) - General Motors Co’s loss-making Opel division agreed to sell six European facilities to its U.S. parent in return for winning extended funding, according to Frankfurter Allgemeine Zeitung.

The transactions include an engine plant in Hungary, a development center in Turin, Italy, and a factory in Gliwice, Poland, the newspaper reported on Thursday, without citing the source of the information.

Opel’s supervisory board approved the sale of the affiliates to GM on Dec. 13, the newspaper said, adding that the move will earn the Ruesselsheim-based car maker funding through the end of 2016. Opel needs to pay back a loan to GM by the end of 2014, Frankfurter Allgemeine Zeitung added.

Opel spokesman Harald Hamprecht said in an e-mailed statement that the company doesn’t comment on “internal transactions.”

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