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. Last Updated: 07/27/2016

Magna-Sberbank’s Opel Buy on Track

BRUSSELS — General Motors looked poised to sign over carmaker Opel to Magna and Sberbank on Tuesday as fears the European Union might scupper the deal were dispelled.

EU antitrust regulators have no plans to block Magna’s acquisition of GM’s European arm, a European Commission spokesman said.

The statement eased fears the transaction could be scotched by EU Competition Commissioner Neelie Kroes’ concerns that German state aid to Opel might break EU rules.

With Opel poised to run out of cash by mid-January, it was in nobody’s interests to reopen the bidding process for the carmaker, even though Brussels had raised the possibility, Opel Trust chairman Fred Irwin told German radio on Tuesday.