Opel in Canadian Hands by September

Now that the German government has agreed to seal the deal with Magna International, everybody's wondering when will the first signs of Canadian touch will be spotted on Opel's models. Well, nobody knows exactly, but one thing is sure: it won't happen before September, as Magna says the takeover will be finalized by that time.

Magna's CEO Siegfried Wolf said he hopes all those involved in the deal would give their approval by September, which would allow the Canadian - Austrian parts manufacturer to proceed with its very own plans regarding the German brand. Previous media reports hinted that Magna wants to start building and selling cars in Canada and Russia.

"We should roll up our sleeves now and clear up the last open points. Then I think we can very quickly come to a conclusion," Wolf was quoted as saying by The Detroit News. "Time is very, very tight," he said, adding that a contract between the two sides should be concluded in the next four or five weeks.

Opel a few days ago received the first 300 million euro loan from the 1.5 billion bridge financing agreement with the German government, funds that are expected to keep Opel alive until Magna completes the takeover.

“We’re extremely grateful to the various members of the German Government, led by Chancellor Merkel and Vice Chancellor Steinmeier, the various German ministries as well as the federal state governments of Hesse, North Rhine-Westphalia, Rhineland-Palatinate and Thuringia, for their approval of this important agreement. We are also thankful for this tremendous responsiveness. The immediate payment ensures Opel/Vauxhall to continue its business operations in normal course," said GM Europe President Carl-Peter Forster.