After months of negotiations with a group of European buyers led by Magna International of Canada and backed by Russian investors, General Motors has announced that it will not sell its Opel brand after all.

On Tuesday, November 3, General Motors posted its first increased sales numbers in the United States in 21 months. The company said the improving business climate and the significant position Opel and the British brand Vauxhall play in GM's global strategy spurred the decision.

In a statement, GM CEO Fritz Henderson said, "GM will soon present its restructuring plan to Germany and other governments and hopes for its favorable consideration. This was deemed to be the most stable and least costly approach for securing Opel/Vauxhall's long-term future."

Siegfried Wolf, co-CEO of Magna in his statement said of the decision, "We understand that the board concluded that it was in GM's best interests to retain Opel, which plays an important role within GM's global organization. We will continue to support Opel and GM in the challenges ahead and wish to thank everyone who supported the Opel restructuring process for their tireless efforts and dedication over the past several months."

GM will likely spent about $4.43 billion in restructuring Opel on its own. The German government said it "regrets the decision of the General Motors board to restructure Opel itself and to keep it in the group."