Where have we heard this before? The final signing of Opel’s sale to the Canadian group Magna International could take place by the weekend.
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This time the ‘if’ is if talks with workers and the European Commission succeed, sources have told news agency AFP, adding the deal to sell a 55% stake in Opel to Magna and Russian partner, state bank Sberbank, could be clinched in coming days.
Separately, GM CEO Fritz Henderson told CNBC TV that a signature this week was “possible” but did not elaborate.
The deal was supposed to be finalised last week but was criticised by the European Commission owing to a clear preference by Berlin for Magna’s bid over several alternatives.
Commission spokesman Jonathan Todd on Tuesday said the EU’s executive arm did not intend to block the deal.
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By GlobalDataThe Financial Times has commented that the “saga … resembles a thriller with multiple plot twists, but where the ending never really seems in doubt”.
Talks with unions have not been finalised, though.
GM Europe’s works committee is still negotiating co-management rights associated with the workers’ 10% holding and seeks a virtual veto over plant closures and relocations, AFP said.
And despite several days of talks in Spain, the works committee at Opel’s factory in the northern city of Figueruelas called for a four-day strike to protest Magna’s takeover and the elimination of around 1,300 jobs from 7,000 currently.
Meanwhile, the head of the Opel Trust also on Tuesday warned the carmaker could run out of cash within three months unless the sale to Magna goes ahead quickly.
