DETROIT — General Motors Co. said Tuesday it will keep its European Opel unit and restructure it instead of selling a 55 percent stake to Canadian auto parts maker Magna International and its partner, Russian lender Sberbank.

GM's board of directors made the decision at a daylong meeting after determining that a $4.43 billion restructuring plan was significantly lower than what GM would have had to contribute to other bidders for the division. GM CEO Fritz Henderson added that Europe's business environment and GM's overall health have both improved since it put the division up for sale.

The decision ends a year of uncertainty for the troubled Opel brand and its English sister, Vauxhall. Henderson said in a statement that GM will present its restructuring plan to the German government soon.

Ulrich Wilhelm, spokesman for Chancellor Angela Merkel said the German government "regrets the decision" by GM's board.

In a brief statement, Magna co-CEO Siegfried Wolf said his company would continue to support Opel and GM in the future.