General Motors is on schedule to sign a contract next week selling a majority stake in Opel to the Magna International-led consortium with Sberbank, a media report said.
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“The signing is planned soon,” one source told Reuters while another said it would be realistic to expect the deal to be clinched by the middle of next week.
GM and Magna officials had said earlier they aimed to sign a contract by early October so that the sale of a 55% stake could close by the end of November.
According to the report, talks among the companies and Opel labour leaders have made progress, although negotiations have focused on the overall amount of cost concessions labour will provide rather than how to allocate the expected 11,000 job cuts across Europe the new owners plan.
Opel’s 50,000 workers, half of whom are in Germany, have promised to cut costs by EUR265m (US$388.6m) a year and are set to receive a 10% stake in Opel in return.
Countries with Opel plants are expected to meet on 7 October to discuss state aid issues raised by EU offficials.
