Magna deal to buy Opel imminent

Magna is looking increasingly likely to be the new owner of Opel/Vauxhall after German politicians said General Motors was moving closer to the deal.

Hendrik Hering, economy minister for the state of Rhineland-Palatinate, which is home to an Opel factory, said GM only had a few issues to resolve with the Canadian parts supplier and a deal between the two was likely within the next few days.

“GM and Magna have moved closer together,” he said. “A good deal of the critical points have been settled.”

Germany has long been a champion of Magna’s bid instead of the one proposed by Belgian private equity firm RHJ International.

Another German politician close to the talks said that of the original 26 points of dispute between GM and Magna, only three remain.

GM chairman Ed Whitacre said yesterday that while talks were still ongoing, a decision was expected soon.

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