GM, Magna Set July 15 to Reach Opel Deal: Report
General Motors (GMGMQ) and Canada's Magna International (MGA) have set July 15 as a target date for agreeing on the sale of a majority stake in Opel to Magna and its Russian partner Sberbank, Reuters reports, citing sources.
"There was an agreement that Magna and GM on July 15 should be far enough in their negotiations that they can reach a conclusion that serves as the basis for a contract," said a person familiar with the matter, according to Reuters. Magna, a Canadian auto parts maker, and GM's Europe division wouldn't comment for Reuters. Rival bidders for GM's Opel subsidiary, such as Italy's Fiat and Beijing Automotive Industry Corp., are still hoping for a collapse in the talks so they can re-enter talks with GM, Reuters reports. >To order reprints of this article, click here: ReprintsTheStreet Premium Services For Personal Service: 877-471-2967
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