NEW YORK, September 10 (RIA Novosti) - General Motors' board of directors has recommended the sale of ailing German automaker Opel to a consortium of Austrian-Canadian Magna and Russia's Sberbank, the U.S. auto giant said on Thursday.
The GM board of governors held a meeting on Tuesday and Wednesday in Detroit to discuss four possible options of the Opel deal: to sell it to Magna-Sberbank or Belgium's RHJ, to keep Opel within GM, or to proceed with Opel's bankruptcy.
"The definitive agreements should be ready to sign within a few weeks, with closing to follow within the next few months," the company said in a press release.
Under the deal the Magna-Sberbank consortium will purchase 55% of Opel, GM will retain a 35% stake and employees will receive a 10% stake.
"All parties will work hard to close the deal as soon as possible," said John Smith, GM Group vice president of business development.
German Chancellor Angela Merkel said earlier in the day that the GM board had decided to sell Opel to Magna in the format discussed and welcomed by the German government.
The German government, Magna International and Sberbank reached an agreement on May 30 for the consortium to take over Opel. Russian truck maker GAZ, owned by billionaire Oleg Deripaska, is acting as industrial partner in the deal.