No announcement made on the final sale of Opel/Vauxhall to Magna
16 October 2009

General Motors and Magna have again delayed making an announcement on the sale of Opel/Vauxhall due to complexities in the transaction.

The exact wording of the sale is still being finalised, due to clarification still being needed on how much Magna will get in loan guarantees from up to six European countries, chiefly Germany.

“We’re expecting an announcement over the next few days,” a source close to the talks told the Financial Times. “Because there are so many parties involved, it’s a big co-ordination effort at the moment.”

A deal is unlikely to be announced today, but it is expected by Monday at the latest. It was originally due to have been announced yesterday.

German economy Minister Karl-Theodor zu Guttenberg said the country was still holding constructive talks with the European Commission, but some issues still needed sorting out before the deal can be signed.

“We can only sign when we're in agreement," he said. "There is still a constructive dialogue.”

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17 October 2009

I dont know where Autocar gets its news from but every news agancy is quoting that the sale is being looked into by the EU compertition commision regarding the German goverments tied hand deal with Magna and that it will be delade for a while so guess thats going to take more than a few days as autocar quote.

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