Auto News 5

AURORA, ON, and MOSCOW, Russia, - Magna International Inc. and Savings Bank of the Russian Federation today announced that their joint offer to acquire a 55% interest in Adam Opel GmbH ("Opel") has been selected by both General Motors Company ("GM") and the Opel Trust as the preferred solution to address the future of Opel. Under the offer, the acquired 55% interest in Opel would be owned 50:50 by a Magna/Sberbank consortium ("Consortium") with GM retaining a 35% interest and Opel employees acquiring 10% as part of a new labour framework. The offer contemplates a total equity investment by the Consortium of Euro 500 million over time. Full story...

GM has announced that it is planning to sell a 55% stake in New Opel to Magna/Sberbank. Full story...

GM has announced that it is planning to sell a 55% stake in New Opel to Magna/Sberbank. Full story...

Canadian car parts firm Magna emerges as winner of the long race to buy Vauxhall and Opel

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General Motors today appeared to have bowed to strong German regional and federal political pressure as it ended months of speculation by announcing its board "supports" a bid from the Magna International consortium with Sberbank to buy a majority 55% stake in its European Opel/Vauxhall operations. Full story...

General Motors's board of directors bowed to German government pressure and recommended Magna International to buy Opel, a person "familiar with the decision" has said. The wording of an Opel Trust invitation to a press conference and breaking media reports all appear to confirm that. Full story...

General Motors today appeared to have bowed to strong German regional and federal political pressure as it ended months of speculation by announcing its board "supports" a bid from the Magna International consortium with Sberbank to buy a majority 55% stake in its European Opel/Vauxhall operations. Full story...

General Motors is expected finally today to announce the fate of Opel and there is increasing speculation it will this afternoon say it is keeping the European unit. Full story...

General Motors today announced that its Board of Directors supports a bid from the consortium of Magna International Inc. and Sberbank to buy a majority stake in its European Opel/Vauxhall operations. Full story...

Germany has yet to decide whether it could offer financial aid for Opel if the company remains with its US parent General Motors, German finance minister Peer Steinbrueck said on Wednesday. Full story...

Day Two of General Motors' board meeting is dawning with no real signs of that Opel Decision and even the possibility it would be deferred again. Full story...

The latest speculation swirling around General Motors' possible sale is that the board does not favour the Magna consortium because that would mean handing over intellectual property to Russia - consortium partners Sberbank and GAZ. Full story...

German finance minister Peer Steinbrueck told US treasury secretary Timothy Geithner at the weekend that Germany still wants the Magna International consortium to buy Opel but noted General Motors' economic situation might have changed since it originally said it would seek a buyer for the European unit. Full story...

Russian billionaire Oleg Deripaska's carmaker GAZ , the Russian parter in the Magna-led bid for Opel, is not interested in an equity stake in Opel, Deripaska told Vedomosti newspaper. Full story...

Opel has begun testing two development Ampera extended-range electric vehicle (E-REV) models at its Dudenhofen proving ground and said it was on schedule for late 2011 production. Full story...

German economy minister Karl-Theodor zu Guttenberg said on a Friday TV broadcast the government expected the General Motors board to make a "fundamental decision" on the future of Opel next week. Full story...

Opel's top labour leader has threatened that the workforce would not help to reduce US$1.2bn in costs if GM in Detroit retains control of Opel. Full story...

General Motors expects the governments of Spain, UK and Poland to provide about EUR1bn (US$1.4bn) in aid to help restructure Opel-Vauxhall operations, a person familiar with the matter has told Dow Jones. Full story...

Senior Opel union boss Klaus Franz has dismissed a revised offer by RHJ International for the company as "a bad joke" and "an advertising ruse". Full story...

The European Union has reminded the German government that any state aid for GM's Opel subsidiary could not be conditional on saving German jobs. Full story...