AURORA, Ontario, Canada and MOSCOW, Russia -- Magna International and Savings Bank of the Russian Federation (Sberbank) have jointly submitted a revised offer to acquire a 55 percent interest in GM’s Adam Opel GmbH (Opel) brand.

Under the offer, the acquired 55 percent interest in Opel would be owned by a 50:50 Magna/Sberbank consortium, with General Motors retaining a 35 percent interest and Opel employees acquiring 10 percent as part of a new labor framework. The offer was made in response to a request by General Motors for final offers regarding Opel. The offer contemplates a total equity investment by the Consortium of Euro 500 million (about $710 million) over time.

General Motors is expected to review all submitted offers for Opel and determine the next steps in the sale process.