Germany Approves Opel Sale to Magna

Winnipeg Free Press (May 31, 2009)

Author: Mcgroarty, Patrick

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Summary

The German government, GM and Magna agreed early Saturday to a plan for Canada's largest auto parts company to acquire Opel with 1.5 billion euros (US$2.1 billion) in bridge loans from Germany, while contributing 300 million euros to keep Opel running in the short term, Finance Minister Peer Steinbrueck told a news conference.

"Opel has been given prospects for the future," [Angela Merkel] said after talks between the two companies and the German government. "Now the work for Opel and for Magna... really begins."

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Extract

Germany Approves Opel Sale to Magna

BERLIN -- General Motors Corp. will sell most of its Opel unit and other European assets to C...

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