Magna planning to cut over 10,500 Opel jobs
Last week, we announced that Magna and its Russian funding partner Sberbank agreed a 55 per cent deal to takeover Opel/Vauxhall from General Motors. As we expected, today came the bad... Read more
Report: GM preparing to sign a contract on selling Opel
The contract signing between General Motors Co. and Magna International and Sberbank will take place next week, according to sources. The deal is meant for GM to sell a majority stake in... Read more
Magna expecting profit from Opel by 2011
Magna, the Canadian parts manufacturer and prospective owner of Opel, says that the manufacturer will become a globally competitive brand by 2011 by which time it would have returned to... Read more
Russian president ready to support Magna and Sberbank for Opel takeover
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... Read more
Opel deal was killed by EU concers, says GM
The catalyst General Motors' reversal of its decision to sell Opel to Magna International is the Competition Commission's expressed concern of the German government's alleged preferential... Read more
GM sells a 55% stake in Vauxhall and Opel to Magna
Finally, the verdict is in! General Motors sold a 55% stake in Vauxhall and Opel to Magna International and its Russian banking partner Sberbank. GM retains 35% of the company, while the... Read more
Sberbank may sell its stake in Opel to another Russian bank
The hurdles are not over for the planned takeover of Magna International and Sberbank of General Motor's Opel/Vauxhall segment. Sberbank, Russia's biggest lender, is looking for a... Read more
Report: Sberbank says GM should compensate it for aborting Opel sale
Due to General Motors Co.'s sudden decision not to proceed with the Opel sale, Russian state-controlled lender Sberbank is demanding for compensation, the Associated Press reports. If GM... Read more
GM paid up to settle a compensation claim by Sberbank for Opel deal
General Motors Co. has submitted a payment to settle a compensation claim by Sberbank, according to a source. Last year, GM pulled out suddenly from a deal to sell its European unit... 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
Opel-Magna deal to get finalized this week
Even as other European countries continue to have concerns about the deal General Motors Co. has entered for its Opel segment, it is still expected that the contract will be signed this... 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
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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