GM To Sell 55% of Opel to Magna

GM has finally announced the sale of Opel to Magna after months of debating. According to GM's press release, Magna/Sberbank will own 55 percent of Opel, while GM will retain 35 percent and employeeshttp://www.thetorquereport.com/us/sysdoc/blog/mt.cgi?__mode=view&_type=entry&blog_id=2 will hold the remaining 10 percent.

In the coming weeks binding agreements including the written support of the labor unions and a definitive financing package from the German government will be finalized.

Under the new agreement, Opel/ Vauxhall will continue to be a fully integrated part of GM's global product development organization.