Demel previously worked as Fiat and Audi CEO and was appointed Magna's chief operating officer in charge of vehicles and powertrain at Graz, Austria in 2005.
Nevertheless, Magna is still unsure whether the Opel deal will indeed go through but General Motors has announced a November 3 meeting to study the latest changes in Magna's proposal and make a decision on the matter.
"In the meantime, work will continue to resolve remaining open points with the Magna/Sberbank proposal—for example, related to labor cost reductions and the government-backed financing package — to document the related understandings, and complete all preparations for the signing of binding agreements should that be authorized by GM’s Board at the November 3 meeting," John Smith, GM Group Vice President Corporate Planning and Alliances (and GM’s chief negotiator for the sale of a stake in Opel/Vauxhall), said in a statement.
More and more sources are hinting that General Motors might after all retain possession of Opel and start restructuring using government's money. However, GM's officials repeatedly said that it's still in the interest of the company to sell Opel as it only wants to focus on its fore core brands and the global operations.
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