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.