GM confirms Vauxhall/Opel sale to Magna
10 September 2009
GM to sell Vauxhall
GM has agreed to sell a 55% share of Vauxhall and Opel to car parts firm Magna and its finance partner Sberbank. The deal will also see the Opel/Vauxhall workforce take a 10% share of the new firm.
The remaining 35% of the European car maker will be retained by GM.
In a GM statement GM president and CEO Fritz Henderson said: "The hard work over the past two weeks to clarify open issues and resolve details in the German financial package brought GM and its Board of Directors to recommend Magna/Sberbank.
"We thank all parties involved in the intensive process of the last few months - especially the German government - for their continued support that enables this new venture. I'd also like to thank the Opel and Vauxhall customers for their continued loyalty. GM will continue to closely collaborate with Opel and Vauxhall to develop and produce more great cars, such as the new Insignia and the new Astra."
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