EU to rule on Magna's Opel buyout by November 27
(BRUSSELS) - The European Commission has given itself until November 27 to rule on whether Magna's purchase of General Motors' European arm Opel poses competition concerns, it said Monday.
The commission -- the EU's competition watchdog -- said it had received a dossier last Thursday from Canadian group Magna and its Russian partner, state-owned Sberbank.
It will now study whether to greenlight the deal first tentatively agreed in May, impose conditions on it, or launch an investigation into the acquisition to see whether it impedes or impacts on competition in any way in Europe.
Brussels is also due, at an as yet unknown date, to give its verdict on German state aid within the framework of the deal.
The commission has been concerned that 4.5 billion euros (6.7 billion dollars) in promised German aid was only available to Magna, which would violate EU competition regulations.
The on-again, off-again saga has dragged on since GM first mooted an Opel sale in February, with the fate of at least 10,500 of GM Europe's workforce of about 50,000 hanging in the balance.
That is the number of jobs Magna says it would cut.
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