Aurora, Ontario – Ontario-based Magna International Inc. has confirmed that it has submitted a bid for General Motors’ Opel division, in conjunction with Russian bank Sberbank Rossii.

The offer contemplates a total investment of €700 million by Magna and Sberbank, a portion of which would be guaranteed by the German government. Under the offer, General Motors and Sberbank would hold 35 per cent equity interest in Opel, while Magna would hold 20 per cent, and Opel employees would hold 10 per cent.

Magna said that GM and the German government are reviewing and considering offers submitted this week and will determine the next steps in the sale process.

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