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Magna deal set to be completed
09 July 2009
Magna is on course to complete its deal to buy a stake in Opel/Vauxhall from GM within the next week, according to the firm’s co-CEO.
Siegfried Wolf told a German newspaper that the Canadian parts supplier was still likely to complete its deal, despite interest from Chinese car maker BAIC.
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He said: “Every day without a decision is one when cash is burned. We are heading towards 15 July as a target corridor to present documents upon which a decision can be made.
“One or two days are not decisive; we are well on our way (to coming to an agreement).”
Magna’s offer for Opel/Vauxhall includes more job cuts and requires more state aid than the offer from BAIC.
Despite this, Magna is still considered favourite to complete a deal after BAIC’s offer was heavily criticised by politicians, unions and Opel officials.
Opel unions slam BAIC bid
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