Opel returning to European Ownership - Magna, Sberbank team up in Opel bidd
Canadian auto parts maker Magna International Inc. says it is joining forces with Russia's biggest lender, Sberbank, in a bid to take a majority stake in General Motors Corp.'s Opel unit.In a statement released late Friday, Aurora, Ontario-based Magna for the first time offered details of its bid, one of three from companies interested in Opel. Magna and Sberbank propose to invest a total of euro700 million ($977 million) in Opel, based in Ruesselsheim, Germany. An unspecified portion of that would be guaranteed by the German government, the statement said. A possible deal would leave Magna with 20 percent of Opel and state-controlled Sberbank with 35 percent, while parent GM would retain 35 percent and 10 percent would go to Opel employees, it added.
No comments:
Post a Comment