GM sells stake in Opel
GM sells majority stake in Opel
55% to Magna International
Employees to take 10% stake in company
Under the plan, Magna - with Russian bank Sberbank - will own 55% of New Opel, GM will retain 35%, while employees will have a 10% stake.
GM says that a definitive agreement to sell should be ready to sign within a matter of weeks, while the deal should be closed 'within the next few months'.
To finalise the deal, GM says it will need confirmed written support from unions, as well as a definitive finance package from the German government.
Fritz Henderson, GM President and CEO: 'We thank all parties involved in the intensive process of the last few months - especially the German government - for their continued support that enables this new venture.
'I'd also like to thank the Opel and Vauxhall customers for their continued loyalty. GM will continue to closely collaborate with Opel and Vauxhall to develop and produce more great cars, such as the new Insignia and the new Astra.'
Opel employs a total of 54,500 workers across Europe, with 25,000 based in Germany.
Its Vauxhall brand employs 5,500 people in the UK, primarily at its two British plants in Luton and Ellesmere Port.
GM sells stake in Opel - Car and Car-Buying News - What Car?
