Magna joins RHJ in agreeing a deal for Opel with GM
13 August 2009

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.

Twitter - follow 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

  • Lexus LC500
    Car review
    20 October 2017
    Futuristic Lexus LC coupé mixes the latest technology with an old-school atmospheric V8
  • Maserati Levante S GranSport
    First Drive
    20 October 2017
    Get ready to trade in your diesels: Maserati’s luxury SUV finally gets the engine it’s always needed
  • Jaguar XF Sportbrake TDV6
    First Drive
    19 October 2017
    The handsome Jaguar XF Sportbrake exhibits all the hallmarks that makes the saloon great, and with the silky smooth diesel V6 makes it a compelling choice
  • Volkswagen T-Roc TDI
    First Drive
    19 October 2017
    Volkswagen's new compact crossover has the looks, the engineering and the build quality to be a resounding success, but not with this diesel engine
  • BMW M550i
    First Drive
    19 October 2017
    The all-paw M550i is a fast, effortless mile-muncher, but there's a reason why it won't be sold in the UK