Sources: GM to pick Magna for Opel investment, press conference scheduled this afternoonSeptember 10th, 2009 Sources: GM to pick Magna for OpelBERLIN — Two German officials told The Associated Press on Thursday that General Motors Co. will recommend selling its Opel unit to Canada's Magna International Inc.
AP sources: GM to recommend Magna for Opel investmentSeptember 10th, 2009 AP sources: GM recommends Magna for OpelBERLIN — Two German officials have told The Associated Press that General Motors Co. will recommend selling its Opel unit to Canada's Magna International Inc.
GM to sell off 55 percent of Opel subsidiarySeptember 10th, 2009 BERLIN/ZURICH - Giant US carmaker General Motors (GM) Thursday announced plans to sell off 55 percent of its European offshoot Opel to a consortium led by the Canadian-Austrian auto parts group Magna International. The decision on GM's European subsidiary was sealed by the German government-backed trust overseeing Opel's day-to-day affairs.
GM to sell off its Opel subsidiarySeptember 10th, 2009 BERLIN - Giant US carmaker General Motors Co. (GM) plans to sell off a majority stake in its European offshoot Opel to a consortium lead by the Canadian-Austrian auto parts group Magna International, German Chancellor Angela Merkel announced Thursday.
Merkel: German government still negotiating with GM on Magna offer for OpelAugust 26th, 2009 Merkel: GM talks focused on Magna offer for OpelBERLIN — Chancellor Angela Merkel said Wednesday that Germany's talks with General Motors Co. over the future of its Opel unit are focused on Berlin's preferred bid, by Canadian auto parts maker Magna.
German Chancellor Merkel hopes for Opel decision soonAugust 23rd, 2009 Germany's Merkel hopes for Opel decision soonBERLIN — German Chancellor Angela Merkel said Sunday that General Motors Corp. needs to make a decision soon on the future of its Opel unit, and that she hoped for progress in the coming week.
Germany's Merkel renews backing for Magna in battle for GM's Opel, says it's 'better concept'August 21st, 2009 Merkel renews backing for Magna's Opel bidBERLIN — German Chancellor Angela Merkel has offered renewed backing for a bid for General Motors Co.'s Opel unit from auto parts maker Magna, saying in an interview published Friday that it is "the better concept."
Canada's Magna International Inc., in a consortium with Russian lender Sberbank, is competing for a majority stake in Opel with Brussels-based investor RHJ International SA. Officials in Merkel's government have made increasingly clear that they favor the Magna bid.
German governor: Magna prepared to make bigger immediate investment in OpelJuly 28th, 2009 German governor: Magna adjusts Opel offerBUEDINGEN, Germany — A German state governor who has been involved in talks on Opel's future said Tuesday that Canadian auto parts maker Magna has improved its offer, raising the amount of money it is prepared to contribute immediately. Magna International Inc.
Report: RHJ's Opel plan would involve maximum of some 10,000 job cutsJuly 17th, 2009 Report: RHJ envisions at most 10,000 Opel job cutsBERLIN — Investor RHJ International SA would cut a maximum of some 10,000 jobs at General Motors Corp.'s Opel unit if successful in its bid for the European automaker, the company's chief executive was quoted as saying Friday. Brussels-based RHJ is competing for a majority stake in Germany-based Opel with a consortium of Canadian auto parts maker Magna International Inc.
Germany's Merkel hopes to "clear up" questions about Opel bid in few daysJuly 16th, 2009 German gov't hopes to "clear up" Opel questionsMUNICH — German Chancellor Angela Merkel said Thursday her government hopes to "clear up" questions about who will take over auto maker Opel after she met with Russian President Dmitry Medvedev. State-controlled Russian lender Sberbank, in a consortium with Canadian auto parts maker Magna International Inc., is currently in talks to take a majority stake in General Motors Corp.'s German-based Adam Opel GmbH unit.
Canadian Magna chairman Stronach expects Opel to turn profit in 4 yearsJune 2nd, 2009 Magna chairman: Opel to turn profit in 4 yearsOTTAWA — Magna International Inc. chairman Frank Stronach says he expects the newly acquired Opel unit in Germany will break even in three years and turn a profit in four years.
Germany's Merkel welcomes plan for Magna to acquire GM's Opel unitMay 30th, 2009 Merkel greets Magna plan to acquire GM's Opel unitBERLIN — General Motors Corp. will sell its Opel unit and other European assets to Canada's Magna International Inc.
Russia's GAZ confirms interest in OpelMay 12th, 2009 MOSCOW - Russian automaker GAZ Tuesday officially confirmed its interest in forming a joint venture with German-based Opel and the Austrian-Canadian auto-parts supplier Magna International. 'The GAZ group is hoping for further cooperation with Opel and Magna in the building of a competitive passenger car for Russia and other countries of the Commonwealth of Independent States (CIS),' said Yelena Matveyeva, deputy chairwoman of GAZ's board of directors.
Russia's GAZ confirms interest in OpelMay 12th, 2009 MOSCOW - Russian automaker GAZ Tuesday officially confirmed its interest in forming a joint venture with German-based Opel and the Austrian-Canadian auto-parts supplier Magna International. 'The GAZ group is hoping for further cooperation with Opel and Magna in the building of a competitive passenger car for Russia and other countries of the Commonwealth of Independent States (CIS),' said Yelena Matveyeva, deputy chairwoman of GAZ's board of directors.
Reports: Fiat head to discuss Opel takeover concept with German officialsMay 2nd, 2009 Reports: Fiat head to discuss Opel takeoverBERLIN — The head of Italian carmaker Fiat SpA, which is in the process of acquiring U.S. automaker Chrysler, is continuing talks with German officials about a possible takeover of General Motor's Opel unit, according to media reports Saturday.
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