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Old 29th October 2009, 19:35   #1
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Default Spain Clears Opel Sale

General Motors is one step closer to unloading its German Opel brand. Spanish workers have approved Magna International’s bid to acquire the ailing auto manufacturer. General Motors and Magna have been working to complete the sale of Opel for several months now.

Opel’s Spanish workers have voted to accept Magna’s terms of purchase, according to the latest report from Reuters. Both sides have been at the bargaining table for several weeks now, with Spain’s approval likely the last major hurdle in the way of the Opel sale.

As part of the deal, Magna will keep Opel’s Zaragoza plant in northern Spain open and will reduce the number of planned job cuts.

With Spanish workers now on board, General Motor’s board of directors will make its final decision on the Opel sale by November 3. If the board gives the sale the go-ahead, the European Commission will rule on the takeover by November 27.

Germany – home to about half of all Opel workers – has already approved the Magna deal.

SOURCE: Spain clears the way for Opel sale
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