Opel Trust approves sale of majority stake of GM European unit opel to Magna, Sberbank

Trust approves GM deal of Opel to Magna, Sberbank

BERLIN — The Opel Trust has given its approval for the sale of General Motors Co’s European unit Opel to a consortium of Magna International Inc. and Russian lender Sberbank.

Fred Irwin, who chairs the government-backed trust set up to oversee Adam Opel Gmbh before GM’s bankruptcy, had final say on the deal because it holds 65 percent the company whose brands include Britain’s Vauxhall; GM held the other 35 percent.

“We’re confident that with today’s decision we’ve laid the foundation for a successful future of the Opel and Vauxhall brands.”