55% of Opel Bought by Magna and Sberbank from GM
We all know that General Motors, what was once the biggest consortium in the car making industry is going through some tough times, but it seems that things might get better, as the corporation announced that it has sold 55% of Opel/Vauxhall stocks, meaning that new cash can be reinvested in the divisions which are bleeding.
The lucky owners of more than half of the German car brand is the conglomerate formed by the Canadians at Magna and the Russians at Sberbank. GM will keep up to 35% of the stocks in the brand and its UK branch, Vauxhall, which will mean that it can still use the platforms developed by Opel and the Germans can still use elements from various other GM models.
More great news are also heading to the workers from Opel and Vauxhall, which will receive 10% of stock options, thus maintaining a pretty big word on where the company will head. The final draft of the contract will be signed next week between the three parties.
This move will also mean that the Swedish corporation Volvo, which is currently owned by Ford, who is also in some financial trouble, can fish the remaining investors which were interested in Opel and perhaps make them buy the Scandinavian brand in the near future.
Overall, these acquisitions are some pretty good news for fans of all of the companies involved, meaning that none of them will go out of business anytime soon and business will continue as usual.
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Post tags: Tags: General Motors, gm, magna, Opel, sberbank, vauxhall