Automaker General Motors recommends selling it's German Opel Unit to Magna International, a Canadian parts maker.
From David Welch, Business Week:
The long saga surrounding the fate of General Motors Corp’s European strategy appears to be drawing to a close. After all the wrangling and hard ball played by GM’s board, the company still will recommend selling a controlling stake in its German Opel unit to Canadian parts maker Magna International, says a source close to the deal.
GM’s board initially passed on CEO Frederick A. “Fritz” Henderson’s recommendation in early August to sell a controlling stake to Magna because they didn’t like some provisions in the deal. As proposed, the sale would have given Magna control over passenger car platforms and engine technology. The fear was that Magna and its Russian partner OAO Sberbank, which has ties to Russia-based automaker GAZ, would use the technology to compete against GM in Russia and other emerging markets.
