Wednesday July 8, 05:26 PM
Magna wants to finalise Opel purchase by mid July
FRANKFURT (AFP) - Canadian auto parts maker Magna raised pressure Wednesday on General Motors (NYSE: GM - news) (GM) to reach an accord on the sale of Opel, for which the Chinese automaker BAIC has also made an offer.
"We are aiming for the date of July 15 to present documents" that would seal a deal, Magna general director Siegried Wolf told the daily Rheinische Post in its comments to appear on Thursday.
"We are on the right path," Wolf added.
In late May, Magna and GM, which owns Opel, signed a letter of intention concerning Opel under the aegis of the German government, which is to provide substantial financial support for the deal.
Talks have become occasionally difficult since then, however, and BAIC has also made a concrete offer for Opel and its British unit Vauxhall.
Last weekend, the head of GM Europe, Carl-Peter Forster, said Magna had a "considerable lead" on other bidders, and voiced optimism that an accord with the Canadian group, which is backed by Russian capital, would be reached by mid-July.
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