Magna - Opel Deal Almost Done

We are now days away from the end of what seems to be one of the most thrilling automaker takeovers we’ve ever seen. At least, this is what GM Europe says, hinting that the Canadian – Austrian parts manufacturer Magna International finally managed to get past divergences and negotiations are heading towards the final signing. The deal is expected to be completed by mid-July, GM Europe’s Carl-Peter Forster was quoted as saying by Frankfurter Allgemeine Zeitung.

"It's only about the details," he commented on the status of the negotiations between the two companies. "After the meeting between the heads of GM and Magna, I am extremely confident a comprehensive agreement can be reached," Forster said.

As for the German officials who claimed Magna is far from taking over Opel as several other bidders are also in advanced negotiations, Forster explained that “there is too much talk”.

"A lot of people are talking who have nothing to say," he was quoted as saying. "Magna has a very substantial advantage.”

Talking about Russia’s plans for Opel, Forster said the Canadian and the German companies have already agreed on the patents the automaker owns and are now discussing about the possibility of bringing Opel models in Russia.

"Who will be our local partners there? What happens to the GM factories there and the other GM brands in Russia," he said.

Russians are very interested in Opel thanks to the 35 percent they’ll own in Opel through the state-controlled Sberbank.

"Opel is famous for its plentiful know-how... The goal of the deal is, on the base of its know-how and the possibilities Russia has, to create new know-how and to use it as a base to take a leap into the future," Igor Shuvalov, Russia's First Deputy Prime Minister, was quoted as saying by Reuters in early June.