Magna and its Russian partner Sberbank plan to sign a deal for a 55% stake in German carmaker Opel next Monday or Tuesday, several sources familiar with the matter have said.
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By then, the Canadian auto parts supplier needs to clinch a deal with Opel’s influential labour leaders over annual savings of 265 million euros ($387.4 million), Reuters reported.
Unions are negotiating with Magna and Opel minority owner General Motors over a restructuring plan that would lead to around 11,000 job cuts across Europe.
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