Sberbank and Magna acquire stake in Opel

by Richard Kilner

Story link: Sberbank and Magna acquire stake in Opel

General Motors and the Opel Trust have announced that their preferred option to address Opel’s future is the proposal by Magna International and Sberbank to acquire a 55% stake in Adam Opel GmbH.

Under the solution selected by General Motors and the Opel Trust, the 55% share would be split equally between the Magna/Sberbank consortium which will, in due course, inject €500m of equity investment into Opel.

In addition, the Opel workforce would acquire a 10% stake and General Motors would retain a 35% interest in the business.

In a statement from the consortium, Magna/Sberbank expressed their pleasure at having been selected to lead Opel into a brighter future and thanked General Motors for the constructive atmosphere of the negotiations.

The BBC has reported that as many as 10,500 jobs could be lost, including 4,000 in Germany (more than expected).