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OPEL ON THE BLOCK
General Motors says its European product development will continue even though it has put 25 percent of Opel up for sale. Opel produced GM's global compact and midsize vehicle platforms. The Buick LaCrosse, due this summer, is the first U.S. vehicle built on the new midsize platform, and the Chevrolet Cruze, due in mid-2010, will be built on the compact platform.
The final structure of the Opel spin-off isn't clear yet. GM said it is open to partnerships, equity positions or other alignments.
"Discussions are just really beginning in earnest, a GM spokesman said.
GM wants to spin off part of Opel so it can get about $4.21 billion in financial aid for the German automaker from several European governments. The General is facing resistance because Opel is a subsidiary of a U.S. company. GM has owned Opel since 1929.
CRANE CAMS GONE?
Legendary camshafts company Crane Cams shut down temporarily Feb. 24 for restructuring but says it plans to reopen in March.