Magna finally expected to complete Opel takeover of Magna by Thursday
13 October 2009

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.”

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