- Title: GERMANY: Magna intends to keep all German plants if their bid for Opel wins
- Date: 23rd May 2009
- Summary: REPORTER WORKING ON LAPTOP
- Embargoed: 7th June 2009 13:00
- Keywords:
- Location: Germany
- Country: Germany
- Topics: Economic News
- Reuters ID: LVA5WJQIGQ5NWTEC4D69TJ1CHKEE
- Story Text: Canadian car parts group Magna said on Friday (May 22) that under its plan for Opel, U.S. parent GM and Russian partners would each hold 35 percent stakes, while it would take 20 percent and employees 10 percent.
In a meeting with journalists in Germany's capital Berlin Magna co-CEO Siegfried Wolf said the company intended to keep all four German plants but he would not make any promises for Opel plants in England and Antwerp, Belgium, where the future was uncertain.
After the talks Wolf confirmed a clear commitment to Germany. "...also for the other European countries we have the same thought process and will deal with employment issues very carefully", he added.
According to Wolf it would be crucial for the development of the Opel company to explore new markets.
"In order to bring the development of the company Opel forward, we need a new market, new market options. We look at Russia as a market. I am convinced that the carmaker wins, who sells most cars. Opel has good products. And I am convinced that here (in Russia) these products will have good chances", Wolf said.
Three groups, including Magna, Fiat and industrial holding company RHJ International submitted offers for Opel, a unit of struggling U.S. carmaker General Motors, by a Wednesday deadline.
Also on Friday the premier of Opel's home state of Hesse, Roland Koch, said that Magna's offer for the carmaker was the most attractive for Germany and that Fiat's rival bid was disappointing.
Top German government officials are due to meet later on Friday at the Chancellery in Berlin to discuss the bids. - Copyright Holder: REUTERS
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