GAZ Group Repeats "Not In Negotiations To Buy Opel Stake"
24 April 2009 - 3:53PM
Dow Jones News
Russia's second-largest auto maker OAO GAZ Group (GAZ.RS) Friday
denied a second media report it is working on a bid for German
automaker Adam Opel GmbH.
Austrian daily Der Standard Friday reported that GAZ and
Canadian parts maker Magna International Inc. (MAG) could bid for
the General Motors Corp. (GM) unit.
"GAZ Group is not conducting any negotiations on acquiring a
share in Opel, nor is it considering any form of participation in
the equity capital of that company," GAZ Group said in emailed
comments.
Der Standard's report followed a story in German daily
Rheinische Post on Thursday, which also said that GAZ and Magna
were planning to buy a stake in Opel.
Der Standard had reported that Russian bank OAO Sberbank
(SBER.RS) will act as primary financer for the deal.
A spokeswoman for Sberbank declined to say whether this was
accurate.
GAZ Group is Russia's biggest maker of minibuses and small
trucks and is controlled by tycoon Oleg Deripaska's holding company
Basic Element.
Opel and its British brand, Vauxhall, need EUR3.3 billion ($4.36
billion) in aid to stay afloat, and GM is eager to find a buyer for
the company.
GAZ has slashed production and is appealing to the Russian
government for financial support.
Company Web site: www.ruspromauto.ru
-By Will Bland, Dow Jones Newswires; +7 495 937 8445;
william.bland@dowjones.com
(Andrew Langley in Moscow and Flemming Hansen in Vienna
contributed to this report)