Magna seeks stake in Opel
05-05-2009, 07:50 AM
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Magna seeks stake in Opel
Canadian auto supplier Magna International Inc. confirmed Monday it is talking to General Motors Corp. and German officials about acquiring a minority stake in Adam Opel, the German carmaker that is the core of GM’s European operations.
The confirmation comes a day after Italy’s Fiat SpA said it was exploring the possibility of merging its auto business and interest in Chrysler with GM’s European operations to create a large automotive group with more than $100 billion in annual sales.
“There is no assurance that any transaction will result from Magna’s current involvement,” Magna said in a statement.
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The confirmation comes a day after Italy’s Fiat SpA said it was exploring the possibility of merging its auto business and interest in Chrysler with GM’s European operations to create a large automotive group with more than $100 billion in annual sales.
“There is no assurance that any transaction will result from Magna’s current involvement,” Magna said in a statement.
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