NEWS & EVENTS: Breaking News
03.07.2009 10:04
July 3. Canadian auto producer Magna plans to remove by next Tuesday the final hurdles in taking over Opel, the European unit of General Motors, informed sources reported. Magna is to hold a board meeting on July 7 at which the board should approve a business plan for this transaction, which is the basis for negotiations with creditors that are to fund the acquisition of the German auto maker, sources said. As a source close to the negotiating process claimed last Thursday, a long meeting between GM and Magna representatives helped to clear up many issues. “They managed to substantially narrow their differences on key issues,” the source said. “Magna is to hold a BoD meeting on July 7. Board members will be asked to approve a business plan, but this is a mere formality,” the same source said. The business plan contains an expert evaluation required to finance the deal. “The only matter is whether or not Opel, with its new owners, will have the right to distribute GM models which Chevrolet makes on the Russian market,” another source said.
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