Magna to Get Opel Final Signing by July 15

Negotiations between General Motors and Magna International regarding the Opel takeover continue despite some reports claiming that Germany is still talking with other interested parties. Additionally, the two companies have set a deadline of July 15 to reach a common point and get the final signing over the acquisition of the German brand.

"There was an agreement that Magna and GM on July 15 should be far enough in their negotiations that they can reach a conclusion that serves as the basis for a contract," Autonews cited a source close to the matter.

Under the terms of the deal, Magna and its Russian partner Sberbank would take control of a 55 percent of Opel, while 35 percent will still belong to General Motors Europe. The remaining 10 percent will go to Opel's employees.

Getting back to those rumors, it might seem like the German government is now aiming to keep Magna under pressure until the two sides manage to finalize the deal. Several officials have repeatedly stated that Germany is still talking with other interested bidders, with some voices even claiming that Fiat, once seen as favorite to purchase the ailing automaker, submitted a revised takeover proposal.

"We're just negotiating, we don't have an exclusivity agreement (with Magna), so we are open to discussion with others," GM's CEO Fritz Henderson was quoted as saying by Reuters. "We are spending a lot of time with Magna trying to negotiate a more definitive agreement."

"The process is still open to all the bidders," government spokesman Ulrich Wilhelm told reporters in Berlin according to a report by Autonews.

Furthermore, Fiat's Sergio Marchionne also confirmed his interest for the German brand, in spite of the sealed deal between Magna and GM Europe. "The interest is still there, it doesn't depend on us," he said.

Separately, Magna earlier this month said that it expects to close the deal by September. "We think that we will be finished in the next four, five weeks and then there's the final signing," Magna co-Chief Executive Siegfried Wolf said. "After the signing, all approvals have to be given, and I think that we can expect a closing in September, end-September."