Magna shows interest in Opel

• Source: The Global Times
• [15:12 April 29 2009]
• Comments

By Shi Jierui

Canadian-based car parts maker Magna International Inc. (MGA) is interested in General Motors Corp.'s (GM) European unit Adam Opel GmbH, German Economics Minister Karl- Theodor Zu Guttenberg said Tuesday after a meeting with Magna executives in Berlin.

Media reports say Magna wants to have a majority stake in Opel through direct and indirect shares.

Press reports have also said Fiat SpA (F.MI) is close to a deal with Opel and the Italian automaker reportedly plans to keep all four Opel plants. But Fiat's CEO Sergio Marchionne said the company has "nothing to announce" regarding to those reports.

Interested investors in Opel and GM will conduct talks in the coming days.

One of Opel plants is located in the Rhineland-Palatinate state, and a spokesman for the Rhineland-Palatinate's chancellery in Mainz said the state premier Kurt Beck said Magna wanted to acquire about a 20 percent direct stake in Opel.

But a spokesman for Magna would not comment on Beck's remarks.