GM To Sell Majority Stake In Opel, Vauxhall

Law360, New York (September 10, 2009, 2:20 PM EDT) -- General Motors Corp. has reached a deal to sell a majority stake in its European brands Opel and Vauxhall to a consortium of Canadian auto parts maker Magna International Inc. and the Russian bank Sberbank, GM revealed Thursday.

In a statement GM said that its board of directors was supporting a bid from Magna and Sberbank to acquire a 55 percent stake in the European brands. GM will retain a 35 percent stake in the company under the deal, and employees will hold a 10 percent...
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