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Fri May 29, 2009
GM, Magna, German government reportedly near Opel deal
DETROIT – DETROIT (AP) - A person briefed on the negotiations between General Motors Corp., the German government and Canadian auto parts maker Magna International Inc. says they have agreed on the framework of a deal for Magna to take a majority stake in GM's Opel unit.
The person said today that negotiators are working out the final details and an announcement could come within hours. It includes Magna providing short-term financing to become the preferred negotiating partner for Opel.
The German government would put up a 1.5 billion euro ($2.1 billion) bridge loan that would be repaid when the deal is closed.
The person did not want to be identified because the talks have not finished.