GM exec says Opel Magna acquisition likely by July

Update: Reports indicate Beijing Automotive Industry Corp. has made a non-binding bid of $992 million CND for Opel. Magna remains the favorite company to acquire Opel.

A deal to sell Opel is inching closer after GM European President Carl-Peter Forester said in an interview that high-level talks between GM and Canadian auto-part supplier Magna Corp. have reached “broad consent”.

He went on to say that he expects a deal to be reached by July 2009.

 Other firms such as Beijing Automotive Industry Corp are still hoping they could acquire Opel, but that now seems very unlikely.

Magna has always been the favor company mainly since it would keep about 1,800 jobs in Germany. Magna will also keep Opel separate from current operations. Reports also indicate Magna could push Opel onto the stock market via an IPO.

No other information was disclosed regarding the Opel Magna deal.

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Hercules holds a B.Comm Finance from Ryerson University in Toronto, Canada. He is a Chartered Financial Analyst (CFA) level 3 candidate. He was previously a contributor at FiLife, a finance website owned by Dow Jones and IAC. Write to [email protected]
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