Masthead graphic based on a painting by Gudrun Thriemer.

Friday, May 29, 2009

"Germany picks Magna to save Opel," BBC, May 30, 2009.

Germany has agreed a deal with Magna International, a Canadian car parts maker, to take over Opel, part of the European wing of US carmaker GM.

Talks in Berlin continued into early Saturday before Germany's finance minister announced a deal.

The German government is expected to provide an immediate loan facility of 1.5bn euros ($2.1bn, £1.3bn).

  Magna, backed by a Russian bank and truckmaker, has said it will put more than 500m euros ($700m; £435m) into Opel.

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