Sberbank CEO Sees No Serious Competition For Opel -Report
02 Juli 2009 - 11:16AM
Dow Jones News
The head of Russia's OAO Sberbank (SBER.RS) said Thursday he
sees no serious competition to a bid led by Canada's Magna
International (MG.A.T) for troubled car maker Opel, the Interfax
news agency reported.
China's Beijing Automotive Industry Holding Co. plans to present
a detailed bid for General Motors Corp.'s (GMGMQ) Opel unit in
Europe within the next few days, a person familiar with the matter
told Dow Jones Newswires Wednesday.
Sberbank is providing financial backing to Magna's offer, which
was agreed with GM in May. Russian auto maker OAO GAZ (GAZA.RS)
could also participate in the deal.
"The choice has been made," Sberbank's Chief Executive German
Gref said. "We must now finalize the structure of the deal," he
added.
Agency Web site: www.interfax.ru