GM backs Magna consortium
The General Motors board of directors is supporting a bid from a consortium of Magna International and Sberbank to buy a majority stake in its European Opel/Vauxhall operations.
The General Motors board of directors is supporting a bid from a consortium of Magna International and Sberbank to buy a majority stake in its European Opel and Vauxhall operations.
Several key issues will be ironed out over the next few weeks to secure the binding agreements, including written support from labour unions and the finalisation of a financing package from the German government.
The definitive agreements should be ready to sign within a few weeks, with closing to follow in the next few months. Under the deal, Magna/Sberbank will purchase a 55 per cent stake in New Opel, GM will hold a 35 per cent stake and employees will be provided with a 10 per cent stake.
'The hard work over the past two weeks to resolve details in the German financial package brought GM and its board of directors to recommend Magna/Sberbank,' said Fritz Henderson, president and chief executive of GM.
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