GM and Magna reach deal on Opel

If this email is not displayed correctly, please click on the following link or open your browser and paste the link into the address field: http://view.ed4.net/v/DHGUVV/0R5ED/GO0D2U/77SE1/   Breaking news Saturday May 30 2009 Breaking News   GM and Magna reach deal on Opel The European arm of General Motors will be shielded from the expected insolvency of the US group after an 11th hour deal reached on Saturday morning that will see Magna International, the Canadian parts supplier, take over the business with financial backing from the German government. After a day of drama following Fiat's withdrawal from talks with Berlin, GM and the US treasury to acquire the operations, which include the Opel and Vauxhall brands, exhausted negotiators announced the breakthrough at shortly after 2 am, after six hours of talks at the office of chancellor Angela Merkel. Under the signed memorandum of understanding between GM and Magna, shares in GME will be transferred to a trust to protect it from a GM insolvency, expected on to be announced on Monday. GME will also receive €1.5bn in credit guarantees from the German government to keep it afloat while GM and Magna negotiate a final deal. http://link.ft.com/r/DHGUVV/8LN9Z/LJ8HZ/G60ZB/BGSLZ/82/h Tools Your account    Portfolio Email Briefings    Price alerts Keyword alerts    RSS feeds © THE FINANCIAL TIMES LTD 2009 ABOUT THIS EMAIL You have received this email because you have signed up for this keyword/company alert on FT.com Change Briefings  •   Unsubscribe  •   Change Email Address  •   Forward this email to a friend  •   Privacy Policy  •   About Us  •   Help The Financial Times Limited, registered in England and Wales number 227590. Registered office: Number One Southwark Bridge, London SE1 9HL. VAT number GB 278 5371 21.