According to sources close to the negotiations, General Motors Company will sign a deal on Thursday to sell a majority stake in Opel to Magna International. It was confirmed about a month ago that under a new deal, Magna and Sberbank will own a 55 percent stake in Opel, while GM will hold a 35 percent stake and employees will get a 10 percent stake.
CEO Fritz Henderson said that a deal on the sale of Opel could come this week, reports Automotive News.
Magna is expected to cut as many as 10,500 jobs at Opel in Europe, with nearly half of those coming from Germany.
– By: Omar Rana