Magna Looking To Complete Opel Buy Over Next 3 Weeks - Report
23 Juni 2009 - 8:15PM
Dow Jones News
Canadian-Austrian auto company Magna International Inc. (MG.B-T)
is looking to complete talks on the takeover of German car maker
Adam Opel GmbH within the next three weeks, but is increasingly
facing resistance, daily Handelsblatt reports ahead of publication
Wednesday.
The newspaper is citing unidentified people close to the
negotiations, who also reveal that a Chinese competitor of Magna is
still in the ring and set to visit Opel's headquarter in
Ruesselsheim, Germany, this week.
A memorandum of understanding to pave the way for a possible
takeover of Opel by Magna isn't of a binding nature, Fred Irwin,
who presides over Opel's trustee board, told Handelsblatt. "All
interested parties have access to the same information."
Newspaper Web site: www.handelsblatt.de
-By Frankfurt Bureau, Dow Jones Newswires; +49-69-29725-500;
djnews.frankfurt@dowjones.com