On May 30, 2009, it was announced that a deal had been reached to transfer GM's Opel assets to a separate company, majority-owned by a consortium led by Sberbank of Russia (35%), Magna International (20%), and Opel employees (10%). GM was expected to keep a 35% minority stake in the new company. However, GM delayed acceptance of the deal pending other bids, notably a proposed 51% stake by Beijing Automotive. By early July, a decision had not been made, but Magna remained confident and scheduled a meeting for July 14 to announce its acceptance. After months of deliberation, however, GM decided on November 3, 2009, to retain full ownership of the German carmaker Opel, thus voiding the tentative deal with the Magna consortium.