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Magna favourite for Opel takeover


Magna favourite for Opel takeover


German politicians have said the Austrian-Canadian car parts maker Magna is the preferred buyer for General Motors’ European divisions Opel and Vauxhall – over Fiat and RHJ International.

Magna’s Chief executive Siegfried Wolf may have found favour by saying he will keep open all four German factories but he made no such promises about one in Antwerp or for Vauxhall’s British plants. Wolf said that along with possible Russian partners, Magna would look east to boost sales: “In order to move Opel’s development forward, we need a new market, new market options. We are looking at Russia as a market. I am convinced that the carmaker that will be the winner is the one that sells the most cars.” Two German state premiers where Opel has plants said they and government leaders had agreed Magna’s bid is the most promising and negotiations can now start. The economy and foreign minister said they will now be asking for more information from Magna. GM will choose Opel’s investor but Berlin has to approve and financially back the selected bidder. It may have to consider a fourth interested party as reportedly China’s Beijing Automotive Industry Holdings is also considering a bid.

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