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Opel Union Rep Hopes For Magna Deal This Week

Head of Opel's employee council says he hopes a contract on the sale of a majority of the carmaker to a consortium led by Magna could be signed this week.

FRANKFURT (AP) -- The head of Opel's employee council says he hopes a contract on the sale of a majority of the carmaker to a consortium led by Magna could be signed this week.

However, Klaus Franz said Wednesday a condition for the deal is that worker representatives agree to cost-cutting plans. He says "we are still in negotiations -- they are not yet concluded."

Plans call for Canadian auto parts supplier Magna International Inc. and Russian lender Sberbank to take a majority of Ruesselsheim, Germany-based Adam Opel GmbH, with General Motors Co. retaining a minority stake.

GM chief executive Fritz Henderson has said his company could finalize the sale as early as this week.