Currently reading: Magna deal set to be completed

Opel/Vauxhall will be in Magna's hands by July 15, according to the firm's co-CEO

Magna is on course to complete its deal to buy a stake in Opel/Vauxhall from GM within the next week, according to the firm’s co-CEO.

Siegfried Wolf told a German newspaper that the Canadian parts supplier was still likely to complete its deal, despite interest from Chinese car maker BAIC.

Twitter - follow autocar.co.uk

He said: “Every day without a decision is one when cash is burned. We are heading towards 15 July as a target corridor to present documents upon which a decision can be made.

“One or two days are not decisive; we are well on our way (to coming to an agreement).”

Magna’s offer for Opel/Vauxhall includes more job cuts and requires more state aid than the offer from BAIC.

Despite this, Magna is still considered favourite to complete a deal after BAIC’s offer was heavily criticised by politicians, unions and Opel officials.

Opel unions slam BAIC bid

See all the latest Vauxhall reviews, news and video

Mark Tisshaw

Join our WhatsApp community and be the first to read about the latest news and reviews wowing the car world. Our community is the best, easiest and most direct place to tap into the minds of Autocar, and if you join you’ll also be treated to unique WhatsApp content. You can leave at any time after joining - check our full privacy policy here.

Add a comment…