The troubled automobile company will sell 55% of Opel/Vauxhall to Magna, subject to “definitive agreements.”
A new ownership structure will see employees hold a 10% stake in the Opel. GM retains a 35% stake.
Key issues to be addressed to finalise the sale include the written support of the trade unions to support the deal with the “necessary cost restructuring” and the completion of a financing package from the German government.
Fritz Henderson, GM president and CEO, says. “GM will continue to closely collaborate with Opel and Vauxhall to develop and produce more great cars, such as the new Insignia and the new Astra.
Opel/Vauxhall will remain a fully integrated part of GM’s global product development organisation.
John Smith, GM group vice president business development, adds: “GM operates many joint ventures around the world and has proven in the past that this business model delivers the right balance of independence, innovation and synergies.”
GM in the US emerged out of Chapter 11 bankruptcy to create a “new GM” in July.