Magna takeover of GM to complete by September


A INTERNATIONAL looks set to close its takeover of GM Europe by September, it said yesterday, as the white knight clarifies the details of its takeover.<br /><br />Magna agreed to buy the European arm of bankrupt car firm General Motors (GM) at the weekend, as its US parent filed for Chapter 11.<br /><br />The Canadian carparts maker added that the agreement with GM prevents it from selling Opel in the US. A ban on selling the brand in China was &ldquo;flexible,&rdquo; Magna added.<br /><br />Meanwhile, the sale of GM&rsquo;s Hummer brand to Chinese company Sichuan Tengzhong Heavy Industrial Machinery went ahead yesterday.<br /><br />Selling Hummer will secure more than 3,000 US jobs and help GM move toward a goal of offloading four US brands to exit bankruptcy as a leaner, more profitable company. The deal will help the Chinese firm expand its sports utility vehicle presence in China.