GM to Sell 55% of Opel
General Motors says said its board has recommended the sale of 55% in Opel/Vauxhall to Magna International/Sberbank.
DETROIT (
) --
General Motors
said its board has recommended the sale of 55% in Opel/Vauxhall to
Magna International/Sberbank
.
Under the deal, GM would hold 35% of the company, while 10% would go to employees.
Over the next few weeks, GM will seek to secure binding agreements including labor union backing, with closing expected in a few months.
"The hard work over the past two weeks to clarify open issues and resolve details in the German financial package brought GM and its Board of Directors to recommend Magna/Sberbank," said CEO Fritz Henderson, in a prepared statement.
