Magna on Monday moved closer to clinching its takeover of Opel with approval from Spanish plant workers as the clock ticks down to a Nov. 3 board meeting at which GM is set to decide on the deal.
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Magna and Sberbank have notified EU antitrust regulators of their plan to buy GM's Opel unit, the European Commission said. The commission has set a November 27 deadline for it to decide whether to approve the takeover.
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General Motors' management board will discuss the sale of 55% of Opel and Vauxhall to a consortium led by Magna International at its next regular meeting on 3 November, GM's chief negotiator John Smith has said.
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General Motors Co. put on hold a deal to sell a 55 percent stake in carmaker Opel to a Russian-backed consortium led by Canadian auto parts group Magna International Inc., GM's chief negotiator on the deal said on Friday.
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General Motors Co. put on hold a deal to sell a 55 percent stake in carmaker Opel to a Russian-backed consortium led by Canadian auto parts group Magna International Inc., GM's chief negotiator on the deal said today. No sale can proceed until the U.
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Magna may close Opel's Spanish plant if workers reject a new deal to keep it open at the cost of 900 jobs, Spain's industry minister has said.
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Canadian car parts suppliers Magna International Inc. may close Opel's Spanish plant if workers reject a deal to keep it open at the cost of 900 jobs, Spain's industry minister said.
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Kaliningrad-based automaker Avtotor plans to launch full assembly, including welding and painting, of Opel's Astra and Zafira models on 26 October, the company said.
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Spanish unions have reached an initial agreement with Magna International Inc. over job cuts at Opel's Zaragoza plant, the leading trade union groups UGT and CCOO said on Thursday. Magna has agreed to keep the plant intact until the summer of 2011.
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Where have we heard this before? The final signing of Opel's sale to the Canadian group Magna International could take place by the weekend.
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General Motors Co. remains committed to closing a deal to sell its European Opel unit to a group led by Magna International Inc., the automaker's CEO told U.S. cable television station CNBC on Wednesday.
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General Motors Co. remains committed to closing a deal to sell its European Opel unit to a group led by Magna International Inc., the automaker's CEO told U.S. cable television station CNBC on Wednesday.
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The European Commission will not stop the sale of a majority stake in Opel to a Magna International-led consortium.
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Workers at Opel's Corsa plant at Figueruelas, near Zaragoza, in Spain will hold four one-day strikes in protest at job and production cuts included in Magna's proposed takeover of the automaker, a union leader has said
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Opel Trust chief Fred Irwin has warned the automaker could run out of cash within three months unless a deal to sell a majority stake to the Magna consortium happens fast.
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General Motors Co.'s board was expected to meet Tuesday or Wednesday to consider a letter from EU competition authorities that raises doubts about the fairness of the bidding battle for Opel.
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General Motors has a 'plan B' ready should the EU block its planned sale of European unit Opel/Vauxhall, press reports said on Monday.
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There is no need to question the decision to provide EUR4.5bn in aid for General Motors' Adam Opel unit and there is no need to repeat the bidding process, German government spokesman Ulrich Wilhelm said on Monday.
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Concerns raised by EU competition regulators have apparently delayed the signing of the proposed deal for GM to sell a majority stake in Opel/Vauxhall to Magna/Sberbank.
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