GM, Sberbank agree compensation on failed Opel deal

26th April 2010, Comments 0 comments

Russian bank Sberbank reached a deal with GM on compensation it had claimed for losses incurred after the US auto giant dropped plans to sell its Opel unit, the companies said on Monday.

"Sberbank and General Motors announce that they have reached a mutually acceptable resolution to all of Sberbank claims for compensation arising from General Motors's decision not to sell a majority stake in Adam Opel GmbH," they said in a joint statement.

No details of the agreement were provided. The companies, however, added that they were ready to cooperate in future partnerships.

Sberbank had threatened legal action against GM, saying it felt cheated when GM in November backed out of a long-negotiated preliminary deal to sell a 55-percent stake in its German-based subsidiary Opel to Sberbank and Canadian auto parts maker Magna.

Russian officials had hoped the deal would be a chance to boost the country's ailing car industry and obtain top European automotive technologies and expertise on the cheap.

© 2010 AFP

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