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GER - Magna reaches deal with GM over Opel bid

Austrian Canadian car parts manufacturer Magna said that it has reached a deal with US car giant General Motors over the sale of its European subsidiary Opel.

Sources within Magna said that all open issues had been resolved and it was now up to GM’s supervisory board to choose between their bid, backed by Russian state owned Sberbank, and that of rival Belgium based RHJ International.

No immediate details were given of the deal, which came after months of negotiations between GM and the two remaining bidders in the race for Opel, which includes British brand Vauxhall.

German unions and the governments of all four German states where Opel has factories, have openly endorsed Magna's bid, after Germany pledged EUR 1.5 billion to keep Opel afloat.

GM, on the other hand, has praised RHJ’s offer as being simpler to implement.

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