Magna Co-CEO agrees with GM to buy Opel

The board of directors of Canadian automotive group Magna and of GM need to approve the deal before trustees formerly in control of a 65 per cent stake in Opel can give their final consent, he said. The agreement between Magna's consortium and GM - which follows weeks of hard bargaining - does not necessarily mean that competing Opel bidder RHJ International is out of the race, however.

GM's chief negotiator on the deal, John Smith, has said that the Belgian private equity firm had already reached an agreement with GM on Opel. Nevertheless, the overwhelming support for Magna in Germany from key players like Chancellor Angela Merkel suggests that the Opel Trust will likely sign off on a deal only with the Canadian auto parts supplier and Russian lender Sberbank.

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