No deal will be completed before 3 November
23 October 2009

General Motors has delayed completing its sale of Opel/Vauxhall to Magna until at least 3 November.

Writing in his blog, GM’s chief negotiator John Smith said the deal would be discussed at the next GM board meeting, which is scheduled for that date.

The main topic on the agenda will be Germany and the EU’s requests for GM to clarify that it chose to sell Opel to Magna for business and not political reasons. GM received a letter for German minister Karl-Theodor zu Guttenberg asking for clarification after being prompted by EU concerns.

“Given the significance of the Opel transaction, GM's board will soon meet in its regularly monthly meeting to consider Minister zu Guttenberg's letter and changes to the Magna/Sberbank proposal that have occurred since its last review on September 9,” said Smith.

In order to keep the deal progressing, Smith said GM and Magna would use the time before the meeting to discuss ongoing issues including labour cuts, and plant closures.

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