General Motors will today announce it has reached an agreement to sell 55 per cent of Opel to Magna and Sberbank in spite of failing to reach agreement with its Spanish workers over the future of a production line.
Binding share purchase agreements are set to be signed today between GM, the Canadian company and the Russian bank, according to people briefed on the plans. The deal's announcement is expected late this afternoon.
GM, which began seeking buyers for Opel in February because its US bail-out loans barred it from subsidising lossmaking overseas operations, wants to close the deal by November 30.
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