MOSCOW (Reuters) -- General Motors Co. paid up to settle a compensation claim by Sberbank, a source said on Monday, after the U.S. automaker pulled out at the last minute from a deal to sell its European unit Opel/Vauxhall.
Sberbank, Russia's biggest lender, and Canada's Magna International Inc. tried to buy a majority stake in Opel last year, but after months of negotiations GM opted last November to keep the money-losing unit.
"General Motors paid money," a source familiar with the matter told Reuters, without giving further details.
State-controlled Sberbank's CEO German Gref said last December it would sue if it was not compensated.
"Sberbank and General Motors announce that they have reached a resolution on mutually acceptable terms of all Sberbank compensation claims arising out of General Motor's decision not to sell a majority stake in Adam Opel GmbH," the two companies said in a joint press release.