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GM selling Opel to Magna

Posted by Hootan Mahallati | May 29, 2009 | In gm news

It has been reported that Canadian auto parts manufacturing giant Magna has won  the bid to buy GM's Opel/Vauxhall. While there may yet be a last-minute surprise by FIAT, the other leading contender, the tentative agreement is likely to hold. Magna's bid backed by Russian state bank Sberbank and Russian truck company Gaz.

GM will reportedly maintain a 35% stake in Opel, and the deal will go through even if GM files for bankruptcy on Monday, as is widely reported.

[Source: NYTimes]

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