With GM’s future surrounded by mistery, it looks like its European arm, Opel, is safe, Canadian autoparts giant Magna International reaching an agreement to take majority in Opel. The move was made possible with the financial help of Sberbank, the largest bank in Russia and Eastern Europe, who backed the Canadian company. Another very important decision was the $2.11 billion bridge loan for Opel, approved by the German government and four state governments, Thuringia, Rhineland-Palatinate, Hesse and North Rhine-Westphalia.
After the deal is closed, Magna will own a 20$ stake in Opel, Sberbank will take 35% (giving their group a majority), GM will retain a 35% stake and the remaining 10% will go to Opel employees.
“The time of uncertainty is over,” North Rhine-Westphalia governor Juergen Ruettgers said of the deal. “The main components of Opel’s future remain in Europe.”
“We’ve decided that there is to be a new European company,” Hesse governor Roland Koch said. “I think that for Opel and its employees, it is an unbelievable chance.”
[Source: Detroit Free Press]