GM and Magna hope to close Opel deal by mid-September

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June 27, 2009 by German Car Magazine
Filed under News

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opel astra main 630 0506 350x200 GM and Magna hope to close Opel deal by mid September

An intense bidding war between Fiat and Canadian-based auto parts supplier Magna International over General Motors’ Opel subsidiary has been reported in the news for weeks now, but recently a deal for roughly $2.1 billion in bridge financing was approved by the German government and this will allow Opel to remain in operations until its own restructuring is complete.

An Opel supervisory board member has now revealed to Reuters that GM and Magna hope to close the sale of a majority stake in Opel by the middle of September, ahead of Germany’s general elections.

“There should be a contract ready by July 15 between GM and Magna.

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