Spain gave its go-ahead for the Magna-Opel deal

Spain gave its go-ahead for the Magna-Opel deal

From Spain came recently some good news for Magna – the parts maker from Canada, like one important obstacle to be overcomed. Zaragoza factory employees agreed on accepting this job proposed now, and the cuts of production, after rough negotiations. It wasn't clear if the employees approved to all their terms or Magna was forced on making extra concessions, a statement from a worker representative did hint this move...

'We decided to modify the plan Magna had for us' said Ana Sanchez, CCOO's director, 1 of the 2 largest unions for Opel factory.

But, Magna and Sberbank - its partner from Russia notified just now (about their plan of takeover) the antitrust body of the European Union. The board of General Motors will be holding the monthly meeting on 3rd of November, with an important part on the agenda - studying the bid Magna put up for Opel.

John Smith, chief negotiator at GM for the sale of Opel/Vauxhall stake stated 'Work will continue to resolve remaining open points with the Magna/Sberbank proposal—for example, related to labor cost reductions and the government-backed financing package — to document the related understandings, and complete all preparations for the signing of binding agreements should that be authorized by GM’s Board at the November 3 meeting'.

Germany thinks there will not be any other problems involving the takeover, after these setbacks months led right to the assumption General Motors may consider to keep on Opel, after all.