Opel deal, episode XX: sale delayed again
By Andrew C., 27 Aug, 2010. 0 Comments
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The expected announcement of the deal between General Motors and Magna International over the sale of Opel/Vauxhall is past due. The culprit this time is said to be the "complexities in the transaction." An announcement was anticipated to be given on Friday but apparently, they're still finalizing the exact wording of the sale. Reportedly, some clarification is needed to determine how much Magna will get in loan guarantees from up to six European countries, mainly Germany . Another thing that's causing the delay is said to be the large number of parties involved, making the effort more complicated. A source has said that at the latest, the deal will be entered on Monday. German economy Minister Karl-Theodor zu Guttenberg said the country continues to have constructive talks with the European Commission, but that there were still issues that have to be sorted out before the signing takes place.
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