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Putin voices displeasure over GM U-turn

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Putin voices displeasure over GM U-turn

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Russia has voiced its contempt for the GM reversal. In September, GM agreed to sell a majority stake in its Opel/Vauxhall division to the Canadian auto supplier Magna and Russia’s Sberbank.

Prime Minister Vladimir Putin said Russian interests would not be harmed by the U-turn, but he went on to say: “This does, however, speak volumes about America’s particular way of communicating with its partners.” He could not hide his displeasure when he said: “GM didn’t warn or talk to anyone about what it was doing, but just presented everyone with a fait accompli, despite previous agreements.” Under the deal, Magna/Sberbank would have purchased a 55% stake in Opel.