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

  • Citroën C4 Grand Picasso
    First Drive
    26 August 2016
    The Citroën Grand C4 Picasso gets tweaked styling, improved tech and new personalisation options to keep it ahead of rivals
  • Car review
    26 August 2016
    Wolfsburg celebrates the GTI’s 40th with its most extreme version yet
  • Kia Optima Sportwagon
    First Drive
    25 August 2016
    New Kia estate looks the part, has good space and handles tidily, but its engine's flexibility and refinement let it down
  •  Kia Optima PHEV
    First Drive
    25 August 2016
    Plug-in hybrid Optima is a practical, tax-efficient PHEV that undercuts rivals and fulfils its main remit well, but keen drivers need not apply
  • Lamborghini Huracán LP610-4 Spyder
    First Drive
    24 August 2016
    Awful driving position aside, drop-top Huracán handles UK roads well. It's more dynamically rounded than its rangemates, but lacks rivals' handling bite