GM president believes Magna will buy Opel

Article by Christian Andrei, 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

Login or Create new account to add a comment!

Recommended

Hyundai is making the green vehicle race more competitive by offering three powertrain types -- pure electric (EV), hybrid (EV plus combustion engine) and plug-in hybrid (PHEV) – in one...
by - December 9, 2016
Although specs for the new Renault Megane had already surfaced several weeks ago, we didn’t know that the company has cooked up something new. Aside from the 200hp gasoline, Renault‘s...
by - December 9, 2016
For the first time in fifty-eight years, Infiniti registers its first US-Spec Q60 Coupe in Cuba. American products have not been allowed entry into Cuba for six decades. But it...
by - December 9, 2016
Chevrolet has already given out the pricing for some of its 2018 Equinox models. Not only will the new Equinox be available in both the US and Canada, it is...
by - December 9, 2016
Nearly all details have been set with regards to the upcoming market introduction of the new Jaguar I-Pace. Its production version was recently previewed at the 2016 Los Angeles Auto...
by - December 8, 2016
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