MOSCOW, October 12 (RIA Novosti) - An official at German carmaker Opel has said the deal to transfer control of the company from General Motors to the Magna-Sberbank consortium could be finalized this week, German TV channels reported Monday.
The channels quoted the head of the company's workers' council, Klaus Franz. Unnamed sources said the signing could take place on Tuesday.
General Motors took a long-awaited decision in early September to sell Opel to a consortium of auto parts maker Magna and Russia's largest bank, Sberbank. The decision was approved by the Opel board and the German government.
The Magna-Sberbank consortium will own a 55% stake in Opel on a parity basis, and the German carmaker will control 10% with GM retaining 35%.
The new owners are set to leave the Opel plants in Germany intact, but plan to close two European production sites, including one in Belgium.
Franz said that before control over the company can be officially transferred, all workers (about 50,000) at European-based Opel enterprises must agree to a reduction of their aggregate earnings until 2014, which would allow the company to annually save up to 265 million euros ($390 million).
He said the deal concluded in September is a draft agreement, and the new contract, including a detailed agreement with Opel workers, has not been signed yet.
