GM To Sell Opel To Magna; Issues Still To Resolve

General Motors Co. Thursday confirmed that it will sell a 55% stake in German unit Adam Opel GmbH and its U.K. sister company Vauxhall to Canadian car-parts maker Magna International Inc. (MGA) and Russian bank OAO Sberbank (SBER.RS), although issues like financing still need to be resolved.

"Several key issues will be finalized over the next few weeks to secure the binding agreements, including the written support of the labor unions to support the deal with the necessary cost restructuring for viability and the finalization of a definitive financing package from the German government," GM said in a statement.

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- Posted: 2009-09-10 10:57:43

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