Russia's Sberbank insists on technology transfers with Opel saleSeptember 19th, 2009 MOSCOW - Sberbank, one of the members of a consortium set to buy carmaker Opel, said the transfer of the company's technological know-how to Russia is a non-negotiable part of the deal, the Interfax news agency reported Saturday. "If the import of technologies doesn't take place, then we will have just wasted our time," said German Gref, the head of the Russian bank, at an economic forum in the Russian city of Sochi.
Opel unveils new Astra; Magna exec believes EU won't block deal to buy stake from GMSeptember 15th, 2009 Magna exec says EU won't block Opel dealFRANKFURT — The co-chief executive of Magna International Inc. said Tuesday that he doesn't believe the European Union will block his company's acquisition of a majority stake in Opel.
EU warns action will be taken against protectionism in GM's sale of car unit OpelSeptember 12th, 2009 EU warns against protectionism in GM sale of OpelBRUSSELS — The European Union's competition commissioner has warned she will take action if there is any protectionism in the sale of General Motors Co.'s European unit Opel. The Belgian government says it wants the EU Commission to investigate the Opel deal amid concern that Germany allegedly sought to protect its own plants at the cost of others.
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.
GM: Several key issues to be confirmed in coming weeks for Opel dealSeptember 10th, 2009 GM: Key issues to be confirmed in Opel dealBERLIN — General Motors Co. says its deal to sell European unit Opel to Magna International and Sberbank will need more government-backed guarantees, but does not anticipate any lengthy delays.
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.
Labor groups anxious for word on Opel; indications are no decision from GM board meetingSeptember 8th, 2009 Labor impatient for Opel decisionFRANKFURT — General Motors Co.'s board begins a two-day meeting in Detroit on Tuesday with European labor organizations pressing for a decision on the fate of its European unit Opel, where thousands of German jobs are on the line. A person familiar with the meeting said GM's board won't make any decision about the automaker, whose brands also include Britain's Vauxhall, until Wednesday.
Labor groups anxious for word on Opel, but no immediate decision likely from GM board meetingSeptember 8th, 2009 GM board begins two-day meeting, Opel on agendaFRANKFURT — General Motors Co.'s board begins a two-day meeting in Detroit on Tuesday with labor organizations pressing for a decision on the fate of its European unit Opel, where thousands of German jobs are on the line. A person familiar with the meeting said GM's board won't make any decision about the automaker, whose brands also include Britain's Vauxhall, until Wednesday.
German government official says GM decision on Opel at least week and a half offAugust 28th, 2009 Germany: GM decision on Opel probably weeks awayFRANKFURT — Any decision on the fate of General Motors Co.'s European unit Adam Opel GmbH is still probably weeks off, a German government spokesman said Friday. A decision on what GM does with the unit, which includes its British sister brand Vauxhall, would take at least a week and a half, as GM's board is due to meet on Sept.
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.
German government begins reviewing final bids for Opel; 4 German states like MagnaJuly 22nd, 2009 Germany reviews Opel offers; states like MagnaFRANKFURT — Germany's government on Wednesday began reviewing the offers for General Motors Co.'s Opel unit, with four states saying they preferred the consortium of Magna and Sberbank. The four German states where Opel has plants have strongly favored the consortium of Canadian auto parts maker Magna International Inc.
German government begins reviewing final bids for Opel; decision not likely soonJuly 22nd, 2009 German gov't begins reviewing Opel offersFRANKFURT — The German government has begun reviewing offers for General Motors Co.'s Opel unit, officials said Wednesday, though its decision and the details of a deal are not expected soon. A government official, speaking on condition of anonymity because he is not permitted to talk to the media about the deals, said that GM and government officials were meeting in Berlin.
GM Europe: Negotiations for sale of Opel unit nearing completionJuly 4th, 2009 GM Europe: Talks on selling Opel near completionBERLIN — Negotiations for the sale of General Motors Corp.'s unit Adam Opel GmbH to Canadian autoparts maker Magna are progressing well and should soon be complete, the head of GM Europe said in remarks released Saturday. Carl-Peter Forster was quoted as telling the Frankfurter Allgemeine Zeitung that he hoped the sale of Opel to Magna International Inc.
Magna confident of concluding Opel deal by July 15June 30th, 2009 Magna confident of Opel deal by July 15BERLIN — The head of Canadian auto parts maker Magna says he is confident a deal to take over carmaker Adam Opel GmbH will be completed by the middle of July. Magna International Inc.
Russian bank Sberbank sounds note of caution on Opel dealJune 26th, 2009 Sberbank cautious on OpelMOSCOW — Russian bank Sberbank is warning that its deal to buy carmaker Opel with Canada's Magna International could still fall through, with a deadline to move ahead with the sale looming. Russian news agencies are quoting Sberbank executive Denis Bugrov as saying he "did not exclude the possibility" that the deal might fall short of completion.
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