GM May Announce Opel Deal Thursday

DETROIT (TheStreet) -- General Motors is expected to announce Thursday it has reached an agreement to sell 55% of Opel to Canada's Magna(MGA Quote) and Russian bank Sberbank, a report says.

The announcement is likely to be made despite GM failing to receive Spanish consent to move a production line to Germany, the Financial Times reports. Binding share purchase agreements are likely to be signed by the parties on Thursday afternoon.

GM is looking to close the deal by Nov. 30, the newspaper reports.

Magna this week has sought to shore up agreements with Opel/Vauxhall's unions on the roughly 11,500 job cuts it is seeking across Europe. GM secured agreements on Tuesday from the UK's Unite union on production and jobs at its two British plants.