GM Europe President: Sound Magna Concept Good Basis For Opel
30 Mai 2009 - 3:42AM
Dow Jones News
GM Europe President Carl-Peter Forster said Saturday that the
deal with Magna International Inc. (MGA) is good for the company's
future.
Speaking to reporters in the early hours of Saturday, Forster
said he doesn't see any risk of further financing problems as the
German government is backing the interim period financially.
"The EUR1.5 billion bridge loan is sufficient...if the world
economy doesn't totally collapse," Forster told reporters in
Berlin.
The German government early Saturday selected Austrian-Canadian
car parts maker Magna (MGA) as a partner for General Motors Corp.'s
(GM) German Adam Opel GmbH unit, ahead of a likely bankruptcy
filing of Opel's parent GM in the U.S.
Magna has teamed up with Russian auto maker OAO GAZ Group
(GAZA.RS) and state-controlled OAO Sberbank (SBER.RS) in its bid
for Opel.
Forster said Magna presented a sound and viable concept for
Opel. He doesn't expect any material changes to the planned
shareholder structure laid out by Magna.
According to previous statements, Magna's consortium plans an
initial investment around EUR700 million. Under the plan, which is
backed by Opel's works council, GM would retain a 35% stake in the
company. Sberbank would take a 35% stake as well, with Magna
holding 20% and Opel's employees with 10%.
-By Christoph Rauwald, Dow Jones Newswires; +49 69 29 725 512;
christoph.rauwald@dowjones.com