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GM says Magna, Sberbank to acquire Opel
Wanted to share this article from "Yahoo Finance" news 09/10/09
BERLIN (AP) -- General Motors Co. will sell European unit Opel to Canadian auto parts maker Magna International and Russia's Sberbank in a deal that preserves GM's ability to develop new cars with its longtime subsidiary.
The announcement Thursday was a politically charged win for German Chancellor Angela Merkel, who saw the deal as the best change to save jobs at a major employer less than three weeks before national elections on Sept. 27.
GM will see a 55-percent stake in Adam Opel GmbH transferred to the Canadian-Russian team but will keep 35 percent for itself, with 10 percent held by the workers. Opel had been placed in a trust with Germany holding 65 percent and GM 35 percent to keep it from being drawn into GM's restructuring under bankruptcy protection in the U.S.
for more on this article, go to:
http://finance.yahoo.com/news/GM-says-Magna-Sberbank-to-apf-3271255...
BERLIN (AP) -- General Motors Co. will sell European unit Opel to Canadian auto parts maker Magna International and Russia's Sberbank in a deal that preserves GM's ability to develop new cars with its longtime subsidiary.
The announcement Thursday was a politically charged win for German Chancellor Angela Merkel, who saw the deal as the best change to save jobs at a major employer less than three weeks before national elections on Sept. 27.
GM will see a 55-percent stake in Adam Opel GmbH transferred to the Canadian-Russian team but will keep 35 percent for itself, with 10 percent held by the workers. Opel had been placed in a trust with Germany holding 65 percent and GM 35 percent to keep it from being drawn into GM's restructuring under bankruptcy protection in the U.S.
for more on this article, go to:
http://finance.yahoo.com/news/GM-says-Magna-Sberbank-to-apf-3271255...
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