Magna planning to expand Opel/Vauxhall into Russia and the Far East
By Andrew C., 30 Aug, 2010. 0 Comments
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The German government has junked reports that RHJ International is now favored to purchase Opel/Vauxhall from GM, stating that all candidates are still being considered. Jochen Homann, head of the German government's Opel task force, holds firm that no bidder has been awarded the deal. Meanwhile, Frank Stronach, chairman of Magna, which is one of the contenders, said that if Magna wins, he plans to expand Opel-Vauxhall into Russia and the Far East. Magna's proposal states that Magna will be taking a 20% stake in Opel/Vauxhall, while partner Sberbank takes a 35% stake. Another plan is to begin selling Opel cars in Canada in late 2009, and then moving some of the production there within the next few years. Under Magna‚ proposal, it cannot sell Opel vehicles in the US; however, Stronach is confident that due to its close relationship with GM, that can be amended. [via autocar]
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