State-controlled Sberbank is expected to pay EUR65m for bankrupt General Motors’ plant in St Petersburg, a source at the bank told Prime-Tass.

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GM had spent about EUR700m on the plant, the source said.


Sberbank and Magna would also buy a 55% interest in Opel, according to an agreement announced last week.


Magna and Sberbank plan to buy all of GM’s assets in Russia and other countries in the Commonwealth of Independent States (CIS), business daily Vedomosti reported last week, citing a representative of Siegfried Wolf, Magna’s co-CEO.


Plant tools up for Cruze

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