German Finance Minister confirms Magna wins bid for Opel
Friday, 29 May 2009
30 May 2009;timesofindia.indiatimes.com:BERLIN: German Finance Minister Peer Steinbrueck said on Saturday that Canadian auto parts maker Magna was Berlin's preferred bidder for General Motors' Opel unit. Germany has selected a bid by Canadian auto parts maker Magna to take over General Motors' Opel unit, backed by a Russian bank and in conjunction with Russia automaker GAZ, a source said on Saturday. "There has been a result. Magna is on board," a source close to the government said. The deal, struck after late-night talks between top German politicians as well as US government officials and both firms, would see GAZ making Opel vehicles in Russia, backed by Russia's top bank, state-controlled Sberbank.
