GM Takes on Europe Partners

By: Associated Press
By: Associated Press

A person briefed on the negotiations between General Motors Corp., the German government and Canadian auto parts maker Magna International Inc. says they have agreed on the framework of a deal for Magna to take a majority stake in GM's Opel unit.

The person said Friday that negotiators are working out the final details and an announcement could come within hours. It includes Magna providing short-term financing to become the preferred negotiating partner for Opel.

The German government would put up a 1.5 billion euro ($2.1 billion) bridge loan that would be repaid when the deal is closed.

The person did not want to be identified because the talks have not finished.

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  • by jim on May 29, 2009 at 06:19 PM
    your right bob it's been in the making from the first free trade deal.America will never be the same because we have the same greedy people in charge.and we have let them do it.
  • by bob Location: holt mi on May 29, 2009 at 09:50 AM
    as we see more jobs being bought into from overseas people,we can only ask how long before it will be just that,overseas bussiness.Leaving american workers without jobs.It's funny what some will do for money so they end up with money.To bad these car companies started buying from others having them do the parts ect.Soon the whole cars will be made in another country making them better off and still getting cheap labor making them so well off.If it wasn't for all americans working so hard the car companies wouldn't be where they are now.So turn your backs on the country and folks that made you so rich.Sad for the USA but guess no one had any ideas this would happen.Owners have had things planned out for a long time.Just left many out of plansa.
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