German Econ Min: Magna Still Has Work To Do On Opel Buy
09 Juli 2009 - 3:28PM
Dow Jones News
Canadian-Austrian auto parts maker Magna International Inc.
(MGA) still has to clear up some details regarding its bid for
General Motors Corp.'s (GMGMQ) Adam Opel GmbH unit, German
Economics Minister Karl-Theodor zu Guttenberg said Thursday.
Magna has set itself a "very ambitious goal" to finalize the
takeover by next week, but a number of tasks still need to be done,
zu Guttenberg said after a meeting with the economic ministers of
German states.
The government acknowledges that there are other bidders for
Opel, but the decision lies with the companies, not the government,
he said, adding that the government is only indirectly involved via
its trusteeship of Opel.
Other bidders include U.S. investment group Ripplewood, Chinese
carmaker Beijing Automotive Industry Corp. and Italy's Fiat SpA
(F.MI).
-By Beate Preuschoff, Dow Jones Newswires; +49 (0)30 - 2888
4122; beate.preuschoff@dowjones.com