Magna finally expected to complete Opel takeover of Magna by Thursday

General Motors will finally complete its sale of Opel/Vauxhall to Magna by Thursday, according to sources close to the deal.

German news agencies claim both sides have now agreed to the takeover and all the necessary paperwork should be signed this week. GM agreed to sell 55 per cent of Opel to Magna and its Russian funding partner Sberbank on 10 September.

On a visit to Shanghai, GM CEO Fritz Henderson said a sale was possible this week. Under the terms of the deal, GM will retain 35 per cent of Opel, with employees receiving 10 per cent.

A spokesman for the Department of Business, Innovation & Skills said talks over the future of Vauxhall plants were still ongoing, but there were still issues to be resolved.

“Some progress is being made in talks between key parties but there are still issues to be resolved,” said the spokesman.

“We, like everybody else, would like a speedy resolution but we want to get the terms right.”

Twitter - follow autocar.co.ukSee all the latest Vauxhall reviews, news and video

Add your comment

Log in or register to post comments

Find an Autocar car review

Driven this week

  • Car review
    27 February 2015
    The second pure Mercedes-AMG model is a triumph of engineering and design, and should have rivals from Porsche and Audi worried
  • First Drive
    27 February 2015
    Dual motors and a power hike give Tesla's electric family car supercar acceleration - and the rest of the package is as strong as ever
  • Car review
    26 February 2015
    Flagship performance C-Class is more than ever a true rival for BMW's M3, and impresses with both its breadth of ability and its practicality
  • First Drive
    26 February 2015
    The new Renault Megane GT 220 is essentially a toned-down version of the hallowed Renaultsport 275, but does it have the required DNA?
  • First Drive
    20 February 2015
    Remember Mercedes' 6x6 monster off-roader? Well, this is the 4x4 version, and we've driven it.