Russian president ready to support Magna and Sberbank for Opel takeover
By Andrew C., 27 Aug, 2010. 0 Comments
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As part of Russian president Dmitry Medvedev's trip to Munich, Germany this week, he will be expressing his support of Magna and Sberbank's takeover of Opel/Vauxhall from GM. A Kremlin aide said that Medvedev will be speaking out in favor of this deal, which seems to be faltering. Last May, GM had agreed to a deal with Canadian parts supplier Magna and Russian state bank Sberbank to purchase a 55% stake in Opel/Vauxhall. Since then, progress has been slow and reports have emerged saying that Chinese manufacturer BAIC and Belgian private equity firm RHJ International have both submitted bids. Union leader of the 55,000 GM Europe workers, Klaus Franz, said that if RHJ wins the deal, it will "kill the company." [via autocar]
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