Magna International Inc. (“Magna”) and Savings Bank of the Russian Federation (“Sberbank”) announced that their joint offer to acquire a 55% interest in Adam Opel GmbH (“Opel”) has been selected by both General Motors Company (“GM”) and the Opel Trust as the preferred solution to address the future of Opel.

Under the offer, the acquired 55% interest in Opel would be owned 50:50 by a Magna/Sberbank consortium (“Consortium”) with GM retaining a 35% interest and Opel employees acquiring 10% as part of a new labour framework. The offer contemplates a total equity investment by the Consortium of Euro 500 million over time.

Completion of the purchase remains subject to finalization of definitive agreements and other conditions, including government-backed financing and regulatory approvals.