Putin welcomes GM's Opel choice
- Source: Xinhua
- [08:04 September 14 2009]
- Comments
Russian Prime Minister Vladimir Putin said Friday General Motors' (GM) decision to sell a majority stake in Opel to a Russian-Canadian consortium would help Russia integrate into the European economy.
GM announced Thursday that a consortium led by Canadian parts supplier Magna and Russia's state-owned Sberbank would take a 55 percent stake in its Opel division. GM will keep a 35 percent stake and employees will hold the remainder.
GM "has made the right and socially responsible market choice," Interfax news agency quoted Putin as saying at an international discussion forum.
"I hope this is one of the first steps that will lead us to real integration into the European economy," he said.
Opel, a German automaker, was acquired by GM in 1929 and thereafter became GM's largest European brand. In early 2009, the future of Opel was thrown into uncertainty as the global financial crisis drove GM towards bankruptcy.
The German government has backed the Magna-led bid and said it would provide 4.5 billion euros (around $6.5 billion) in state-backed guarantees to support Magna in restructuring GM's European unit.
GM said a final agreement would be signed within a few weeks. Russian automaker Gaz, which Sberbank has described as its technology partner, is expected to eventually take over Sberbank's shares in Opel.
