Magna has agreed a deal with General Motors to buy a 55 per cent stake in Opel/Vauxhall with its partner Sberbank, according to its co-CEO Siegfried Wolf.
Rival bidder RHJ International has already agreed a deal with GM for Opel. The German government, which will provide loans to the new owner, must now decide which bid to opt for.
Wolf said the GM and Magna boards must now approve the deal before things can progress any further.
A source close to the deal told Reuters that Magna had improved its offer at the last minute to avoid losing out to RHJ and a decision is expected to made on the final offer to accept is expected to be taken at a GM board meeting next week.
GM’s chief negotiaitor John Smith has said the RHJ bid would be easier implement, while the Magna offer has found favour with the German government and Opel unions.