Russian bank Sberbank sounds note of caution on Opel deal

September 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.

September 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.

September 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.

September 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.

September 10th, 2009 Trust approves GM deal of Opel to Magna, SberbankBERLIN — The Opel Trust has given its approval for the sale of General Motors Co's European unit Opel to a consortium of Magna International Inc. and Russian lender Sberbank.

September 8th, 2009 GM board meeting could decide Opel fateFRANKFURT — General Motors Co.'s board is beginning a two-day meeting that could see it decide the fate of its German unit Opel, with German business leaders and politicians hoping any solution preserves jobs. GM has two primary bids for the Ruesselsheim-based Adam Opel GmbH, with German officials, Opel workers and unions endorsing one from Canadian auto parts maker Magna International Inc.

August 25th, 2009 German official: GM still wants to sell OpelBERLIN — A German government official says General Motors Co.'s negotiator has made clear during a meeting with federal and state officials that the automaker is still interested in selling its European Opel unit. The government official says that new management at GM has been requiring more information on the pair of offers, therefore delaying a decision.

August 22nd, 2009 TORONTO - General Motors Friday postponed its decision on whether Canada's Magna International was the winning bidder for its Opel brand. Magna, which is the world's third largest part maker, and the Savings Bank of the Russian Federation (called Sberbank), had jointly submitted a bid in July to acquire a 55 percent stake in the troubled General Motors' Opel.

July 29th, 2009 GM exec: No preferred bidder for Opel yetBERLIN — The chief negotiator for General Motors Co. says there is no preferred bidder for Germany's Opel — though the negotiations are "coming to a point of decision." John Smith, GM's group vice president and chief negotiator on the sale of Opel, writes in the company's blog that "despite media reports to the contrary, GM has NOT specified its preference for a bidder." Smith's post said that GM is still in talks with a consortium of Magna International Inc.

July 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.

July 22nd, 2009 TORONTO - Canadian auto-parts giant Magna and the Savings Bank of the Russian Federation (called Sberbank) have jointly submitted a bid to acquire a 55 percent stake in the troubled General Motors' Opel. Belgium's investor RHJ International and China's Beijing Automotive Industries are the other two bidders.

July 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.

July 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.

July 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.

June 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.