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German Chancellor: GM sell Opel to Magna

The Opel brand - Saved by Germany?
The Opel brand - Saved by Germany?

German Chancellor, Angela Merkel, has today announced that an agreement has been reached between General Motors (formerly GM, MTLQQ.PK) and Magna (TSX:MG’Z) ( NYSE:MGA ) (TSX:MG’A) over the transfer of the European car company, Opel, to the Canadian auto parts group.

The announcement marks the fruition of the German Government backed deal to save the brand, and its four German plants. However, other European Opel plants, in Poland, Spain and the UK, are widely expected to see closures or other cost-cutting measures.

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Editors and staff from the Business Desk at The Global Herald.

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