Opel to receive 500 million Euros aid
By Andrew C., 27 Aug, 2010. 0 Comments
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The ailing carmaker Opel will be receiving 500 million Euros from the Canadian company Magna International and the Russian state-run Sberbank which will be utilized to protect jobs through the restructuring process abroad. There are reports saying that Sberbak will not remain a long term partner to Opel suggesting that it could sell up to a Russian car manufacturer at the completion of the restructuring process. The investment will be divided between Magna International and Sberbank with respect to their stake percentages in Opel, which is 20 percent and 35 percent correspondingly. In another report, VW has expressed concerns with Magna's takeover of Opel since the Canadian parts maker is supplying lots of parts to VW brands Audi and Seat and also Porsche, which happens to be VW major stakeholder, thus a conflict of interest will be most likely. [via autocar]
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