Pretending to ignore the unending saga that is the GM-Magnum-Opus... er, GM-Magna-Opel deal for just a moment, you might have noticed that China was in just-auto's news just a bit this week.
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Uncertainty over the timing of the expected signing of a 'memorandum of understanding' document selling a 55% stake in General Motors' European unit Opel to a Magna International-led consortium remains on Friday.
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Three months out of US Chapter 11 bankruptcy protection and in the process of finalising a deal to sell a majority stake in Opel, General Motors is now mulling the fate of its 51% owned South Korean unit GM Daewoo.
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There are strong signs General Motors and Magna International will sign a deal to sell a majority stake in Opel before the end of the week or even later today.
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Strong signs remain General Motors and Magna International will ink a deal to sell a majority stake in Opel before the end of the week though not, it seems, today.
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There are strong signs General Motors and Magna International will sign a deal to sell a majority stake in Opel before the end of the week.
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After yesterday agreeing a deal with Vauxhall's key union here in the UK, Magna International has altered its offer to Spanish unions at the local Opel unit [near Zaragoza] and will discuss the changes with unions and a government representative on Wednesday (14 October), a Spanish industry ministry spokesman said late last night.
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After yesterday agreeing a deal with Vauxhall's key union here in the UK, Magna International has altered its offer to Spanish unions at the local Opel unit [near Zaragoza] and will discuss the changes with unions and a government representative on Wednesday (14 October), a Spanish industry ministry spokesman said late last night.
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After weeks of negotiations, General Motors Europe's UK unit Vauxhall, Magna International and the Unite union have agreed a plan that halves the number of job losses the successful bidder for Opel/Vauxhall had originally proposed.
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Volgo-Vyatsky Bank, a subsidiary of Russian state-controlled Sberbank which is partnering with Magna in a bid for Opel, has opened a RUB4.3bn credit line for the country's largest truck maker Kamaz, the bank said in a statement.
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Germany's plan to give EUR4.5bn euros in loan guarantees to Opel has become a test case of the European Commission's ability to prevent nationalist state aid to industry in the financial and economic crisis, Reuters columnist Paul Taylor said on Tuesday.
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General Motors expects to sign a deal on Thursday to sell 55% of its Opel-Vauxhall operation to Magna International and Russian partner Sberbank, according to German news agency reports.
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Spanish industry, tourism and commerce minister Miguel Sebastian has provided fresh assurances that the country will fight to ensure the stable and long term future of Opel´s Corsa/Meriva factory in Figuerelas, near Zaragoza.
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General Motors wants significant progress this week on the sale of Opel/Vauxhall to Magna International or it might reconsider its options, according to numerous UK media reports over the weekend.
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German government officials were scheduled to meet representatives of other European countries with Opel factories on Friday afternoon in Berlin to discuss potential aid contributions for the European General Motors unit.
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Daimler has placed a major order with Opel bidder Magna International to develop and build the aluminium bodies for the upcoming Mercedes SLS AMG gullwing.
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Britain's Industry Minister Lord Mandelson has said that Britain 'will not accept' Magna's plan for the takeover of Vauxhall/Opel unless 'shortcomings' identified in a report by PwC are addressed.
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PricewaterhouseCoopers (PwC) has identified several risks involved in Magna's plan with Sberbank to take a 55% stake in Opel according to a report in Handelsblatt newspaper.
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Magna and its Russian partner Sberbank plan to sign a deal for a 55% stake in German carmaker Opel next Monday or Tuesday, several sources familiar with the matter have said.
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Volkswagen is seeking to end or sharply reduce its ties with car parts maker Magna after the Canadian group's takeover of rival Opel, according to a German magazine.
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