The Opel saga continues: Magna the final buyer?
By Andrew C., 27 Aug, 2010. 0 Comments
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Which company will be rewarded the deal to buy a stake in Opel/Vauxhall from GM? That's the question on everyone's lips. If Magna co-CEO Siegfried Wolf is to be believed, the Canadian parts supplier is well on its way to sealing the deal next week. Wolf revealed to a German newspaper that he remains confident of his plans despite interest from BAIC. He said, "Every day without a decision is one when cash is burned. We are heading towards 15 July as a target corridor to present documents upon which a decision can be made." Magna's offer leads to more job cuts and significantly more state aid requirement than BAIC's offer. Even then, Magna is still the favorite to get the deal as BAIC has received harsh criticism by politicians, unions, and even Opel officials.
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