GM president believes Magna will buy Opel

Article by Christian A., on August 27, 2010

Carl-Peter Forster, General Motors Europe president, was noncommittal when interviewed by Die Welt newspaper about the future of Opel/Vauxhall.

He said that Canadian supplier Magna International is likely to win the bid but that the division could also thrive under the ownership of its US parent.

Forster also added that the Magna deal is the more likely option since all conditions have been met, financing has been put in place, and the contracts have been negotiated. 

On the other hand, he said that Opel can thrive under GM under the condition that GM will be able to "establish worldwide standards while at the same time allowing regional freedom to create cars that work in the given markets."

Magna and Belgian investor RHJ International have made rival bids for Opel, which GM wanted to sell because it could not afford to keeping funding the loss-making unit.

Last month, GM's new board asked executives to look at other options besides selling off the German-based subsidiary.

The Wall Street Journal recently reported that GM could contribute more than 1 billion euros of its own money to retain Opel, while governments in the U.K., Spain and Poland that are home to major manufacturing operations would finance another 1 billion.

Topics: gm, magna, opel

If you liked the article, share on:

Comments

Recommended

An RHD (right hand drive) BMW M4 DTM Champion Edition has been listed to be for sale by Romans International, UK’s leading supercar dealership. The first owner of this rare...
by - May 24, 2017
Audi will be offering something exciting for its United Kingdom market. The company announced that it will be adding new features as standard to the A4 range. It also confirmed...
by - May 24, 2017
You guys are probably aware of the collaboration between Mercedes-Benz and Renault-Nissan. Knowing this, you would expect that both companies will come up with something impressive. Sources say that the...
by - May 24, 2017
Amongst all sports cars on the planet, which one is the world’s best-selling model? Would you have guessed that it is the Ford Mustang? According to IHS Markit’s global automotive...
by - May 24, 2017
It’s not a bird. It’s not a plane. It’s Kris Singh’s blue carbon flying machine! Time stood still for a few minutes after the extremely rare Pagani Huayra BC Macchina...
by - May 24, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries