Official: GM sells Opel by Magna, but not entirely

Official: GM sells Opel by Magna, but not entirely

General Motors has officially announced that it will sell 55% of the shares it holds in European subsidiaries Opel and Vauxhall consortium Magna / Sberbank, will give employees 10% and 35% of the shares will be preserved.

"The administration supports the consortium's offer to purchase Magna and Sberbank a majority stake in the company's European Opel / Vauxhall," says U.S. giant, in a statement. "Several key issues are not yet finalized, among them appearing negotiations with unions on restructuring activities and complete a financial aid from Berlin.

General Motors sells 55% of the Opel / Vauxhall to Magna, 10% of the shares will be sold to employees of both companies and the remaining 35% will be preserved.

GM had to take a decision on Opel, after several months of negotiations with Magna and investment fund RHJ to sell majority stake, that the German government to obtain financial support.

The German government strongly supported the Magna sale Opel. Certain members of GM management preferred, however, that the American group to keep Opel and, if possible, the division be sold to Belgian financial RHJ International, from which could be redeemed more easily, according to sources.


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