Sunday, November 22,  6:09 am

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A group led by Canadian auto parts maker Magna International Inc. has arranged to take control of the European affiliate of General Motors Corp., securing a new future for the division hours before its parent filed for bankruptcy.

Aurora, Ontario-based Magna, backed by Russia's Sberbank, won acceptance of a preliminary deal that would give it a 20% stake in Rüsselsheim, Germany-based Adam Opel GmbH. Sberbank and GM would initially own 35% apiece, with OAO Gaz, a Russian carmaker controlled by billionaire Oleg Deripaska, listed as an industrial partner.

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