Magna CEO Confident Of Opel Deal By Mid-July

Head of Canadian autoparts maker Magna said Tuesday he is confident a deal to take over GM unit Adam Opel GmbH will be complete by July 15.

BERLIN (AP) -- The head of Canadian autoparts maker Magna said Tuesday he is confident a deal to take over GM unit Adam Opel GmbH will be complete by the middle of July.

Magna International Inc. chief executive Siegfried Wolf said his company "wants to come to an agreement by July 15."

"We want to make Opel into a company that stands along with its partners and distributors for success, growth and innovation," Wolf said.

Magna and Russian Sberbank signed a nonbinding agreement last month -- which envisages Sberbank taking a 35 percent stake and Magna a 20 percent stake in the General Motors Corp. subsidiary.

The deal was touted in Russia as a major coup for the country's troubled auto industry -- based on signals that Magna would produce Opel cars in Russia.

But the German government has said this week it is still talking with other bidders despite the ongoing negotiations with Magna.

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