If General Motors' sale of its Opel and Vauxhall brands were an NBA trade, the commissioner likely would veto it for being too lopsided.
When all expenses -- including pension obligations, stock options and other costs -- are accounted for, the Detroit automaker ends up paying out more than it's receiving for 2 brands it has owned for nearly a century.
What GM gets:
- $2.3 billion, comprising $1.9 billion from PSA and roughly $400 million from French bank BNP Paribas
- $700 million in warrants for PSA shares. The warrants have a 9-year maturity but can't be exercised for 5 years from the issue date.
- $2 billion of cash freed up for accelerated share buybacks
What GM keeps:
- Responsibility for $9.8 billion in pension liabilities, $6.5 billion of which is underfunded
- An engineering center in Turin