Report: Beijing Auto, Mahindra named in list of likely Pininfarina buyers
Reports from Italian media have listed the names of companies interested in taking over design and engineering specialist Pininfarina S.p.A. At the top of this list of up to 10 carmakers... Read more
Magna International posts a third-quarter profit on the strength of its sales
Because of rising global auto production, Magna International was able to post a third-quarter profit on the strength of its sales. Its earnings totaled $241 million in the third quarter,... Read more
Magna in talks with GS Yuasa on lithium ion battery production venture
A source has said that Magna International Inc. is in discussions with Japan's GS Yuasa Corp. to make lithium ion batteries in Europe for PSA/Peugeot-Citroen SA, and probably Ford Motor... Read more
Magna’s Co-CEO Siegfried Wolf will resign to join Russian company
Starting Nov. 15, Donald Walker will become Magna International Inc.’s sole chief as co-CEO Siegfried Wolf has resigned to join an affiliate of Russia's GAZ Group. According to a... Read more
Magna to assemble the frame for GM’s next generation pickups and SUVs
Weeks after Magna International Inc.'s bid for GM's European Opel unit fell through, Magna continues to be one of the foremost suppliers to automakers worldwide. Recently, Cosma... Read more
German government offering aid to Opel if Magna will be the buyer
Magna International's future as the new owner of Opel/Vauxhall is looking brighter with Germany's statement that it will provide 4.5 billion euros ($6.35 billion) in state aid if General... Read more
Magna wants to cut a fifth of Vauxhall’s workforce
A fifth of Vauxhall's workforce will be cut if Magna wins the bid for Opel/Vauxhall, according to a leaked document revealed by the Times newspaper. These proposal documents were... Read more
Magna International to move into part of Chrysler’s former headquarters
Magna International is taking over the abandoned facility, which previously served as Chrysler's headquarters, located in Highland Park, Michigan. The Michigan Economic Growth Authority... Read more
Magna planning to build electric vehicles in Canada by 2012
Magna International founder, Frank Stronach, revealed plans to build electric vehicles and its components at factories in Canada within three years. Speaking with officials in the... Read more
BAIC to show its bid for Opel, in case the Magna deal fails
There are reports stating that the top brass of Beijing Automotive Industry Holding Co. is due to have a conference with the officials of GM this week to brainstorm its intentions for... Read more
Magna to announce Opel takeover within five weeks
In a matter of five weeks Magna International and the state run Russian bank Sberbank will know if they will be finalizing their takeover of Opel. July 15 is the date set for finalizing... Read more
Magna wants $600 million from Porsche for canceling a contract
Magna International Inc. and Porsche AG are embroiled in a controversy related to a contract cancellation but so far, parties have refused to comment on the issue that Austrian newspaper... Read more
Magna posts a second quarter loss of $205 million
Magna International reported a loss of $205 million in the second quarter. From April to June, it recorded a 45% drop of year-on-year sales to $3.5 billion . Magna has been on the news... Read more
German chancellor says that Magna must buy Opel
Throwing her full support to Magna International's bid for Opel/Vauxhall, German chancellor Angela Merkel said that if necessary, she will intervene personally to make it win the deal. In... Read more
Magna is in advanced talks with Mitsubishi to build a joint battery plant
Talks are ongoing between car parts supplier Magna International Inc. and Mitsubishi Motors Corp. to build a joint battery plant for electric cars, according to Austrian Business daily... Read more
Magna to eliminate its dual-class structure and end founder Frank Stronach’s control
Magna International Inc. will abolish its dual-class structure and terminate founder Frank Stronach's control of the company upon shareholders' approval of a reorganization plan. Canada's... Read more
Magna to pay its founder nearly $900 million to give up his controlling shares
Magna International Inc. had scheduled a shareholder vote on June 28 but the company had recently announced that it has postponed this and will set a new date "in due course." Magna also... Read more
Magna seeking locations to produce batteries for electric cars
Magna International Inc. intends to capitalize on the fast-growing electric car business and is currently looking for locations in Europe and in the US where it can set up one factory... Read more
Magna tightened control over its former decentralized purchasing operations
Due to the recession, Magna North America has exercised a tighter grip over its former decentralized purchasing operations. The number of its subsuppliers is also expected to be reduced,... Read more
German antitrust regulators have blocked Magna’s takeover of Karmann’s roof division
To avoid a scenario where there's a lack of competition, Magna International Inc.'s planned takeover of bankrupt supplier Wilhelm Karmann GmbH's roof division was blocked by German... Read more
Magna International posted a quarterly profit after a year-earlier loss
A year ago, Magna International Inc. may have posted a loss but in the past quarter, it boasts to have had a profit that could be attributed to cost cuts and the increase in global... Read more
Magna wins the bid to buy the German roof division of Karmann
Magna International Inc. awaits approval from European antitrust authorities after it won the bid to purchase the German roof division of Wilhelm Karmann GmbH. The Canadian auto parts... Read more
Magna will build the convertible top for the Chevrolet Camaro
Magna International Inc. has been reassigned the contract to build the convertible top for the Chevrolet Camaro after a rival supplier, Germany's Edscha AG, filed for insolvency last... Read more
Magna looking for partnership deals with battery cell manufacturers
Rather than focusing its attention on taking over automakers, Magna International Inc. is now hoping to enter partnership deals with battery cell manufacturers as it aims to power a wave... Read more
Magna CEO not convinced that the industry shakeout is over
The co-CEO of Magna International Inc., the world's largest supplier, states that even as industry conditions have been tough for suppliers, he's not convinced that the industry shakeout... Read more
Magna not planning to take over any other car manufacturers
After four consecutive quarters of losses, Magna International Inc. appeared to benefit from cost reductions and posted a $51 million profit. Magna, North America 's largest auto-parts... Read more
Magna is a step closer to buy Opel
The big question of whether the deal for Magna International Inc. and Sberbank to acquire General Motors Co.'s Opel unit will be resolved this November. European Union antitrust... Read more
Magna planning to sign Opel deal early next week
Despite continuing conflicts that are being raised in the talks, Magna International Inc. and its Russian partner Sberbank expect to complete the deal for a 55% stake in Opel next Monday... Read more
Mercedes-Benz chooses Magna to manufacture SLS AMG body
While customers have threatened to pull out of their contracts due to Magna International Inc.'s impending takeover of Opel, it got a boost of confidence from Daimler AG which is actually... Read more
Vw to withdraw business from Magna if Opel take over is completed
In another case of a supplier transforming into a threat is Magna International's takeover of Opel with Russian partner Sberbank. Volkswagen said that it will withdraw business from Magna... Read more
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