GM, Magna to close Opel sale by mid-September: union
FRANKFURT (Reuters) - General Motors GMGMQ.PK and Magna MGa.TO hope to close the sale of a majority stake in GM's Opel by the middle of September, ahead of Germany's general elections, an Opel supervisory board member told Reuters on Friday.
"There should be a contract ready by July 15 between GM and Magna...by mid-September there should be a closing," said Rainer Einenkel, the senior labor leader at Opel's Bochum plant.
The comments came following a meeting of Opel's supervisory board, in which Einenkel has a seat along with several other representatives of the carmaker's workforce.
Separately, Fiat (FIA.MI) Chief Executive Sergio Marchionne said on Friday that he remained interested in a possible acquisition of Opel, since he heard that talks between GM and Magna were "not going very well."
Opel and Magna declined comment.
A source close to the negotiations refuted Marchionne's comments.
"It's accurate to say that there is more than an 80 percent chance for a deal to be reached (between GM and Magna)," the person said.
(Reporting by Angelika Gruber and Christiaan Hetzner)
- Tweet this
- Share this
- Digg this