General Motors' factories in Russia will be transferred to Opel under the control of a Russian-backed consortium led by Magna Interational, the head of Sberbank said. Sberbank is planning to take a 35 percent stake in Opel.
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General Motors' factories in Russia will be transferred to Opel under the control of a Russian-backed consortium led by Magna Interational, the head of Sberbank said. Sberbank is planning to take a 35 percent stake in Opel.
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Beijing Automotive Industry Holding (BAIC) has mandated PricewaterhouseCoopers to advise on a possible takeover of Opel, a source familiar with the situation said on Thursday.
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Magna International plans to improve Opel's annual earnings by $3.3 billion over the next five years as part of a business plan to take over the European carmaker, the Frankfurter Rundschau newspaper reported. A forecast $2.
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Sberbank does not see itself as a long-term strategic owner of Opel, the bank's head has said, and will look to offload its 35% at some point.
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Now that Fiat has apparently lost out in the bidding for Opel/Vauxhall, speculation has risen concerning alternative strategies that Fiat might employ to become part of a carmaking group with bigger scale. PSA Peugeot Citroen is in the frame again.
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Russia's Sberbank and iMagna International will give Opel a 500 million euro ($708.4 million) cash injection to help the automaker save jobs while totally restructuring its assets abroad.
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Russia's Sberbank may resell its stake in Opel to a Russian investor in the future, its head said on Thursday. CEO German Gref said Sberbank and its partner in the winning consortium for Opel, Magna International, will commit 500 million euros($708.
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GM Europe CEO Carl-Peter Forster believes that Opel can be a profitable business again before 2013, he has told a German business newspaper.
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Fiat declined to comment today on a newspaper report that it could make a new bid for Opel. The Sueddeutsche Zeitung quoted sources at Fiat as saying that if the GM-Magna talks were to fail, Fiat would resume negotiations over Opel.
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The Canadian-Russian consortium which is buying a controlling stake in Opel AG operations is also seeking to acquire all of General Motors' assets in Russia and other CIS states according to the business daily Vedomosti.
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The assembly of Opel branded cars in GAZ-owned Russian facilities may begin as early as the end of this year, according to a Russian government official.
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While Magna is pressing ahead with plans to acquire GM's European Opel/Vauxhall operations, the deal could still unravel. The process of due diligence and funding issues pose the potential for hiccups.
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Magna International plans to revamp Opel's model lineup and return the carmaker to profit by 2011, the supplier's Co-CEO Siegfried Wolf said. Opel will become profitable "in about two years," Wolf said in a Bloomberg Television interview.
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The French government has warned the European Commission that it needs to ensure that the financial rescue of Opel does not put French based rivals at a competitive disadvantage.
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The sale of General Motors' European Opel and Vauxhall units to Magna International may not be completed until close to the end of this year according a lawyer involved in the process.
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Magna International aims to close a deal with General Motors over its Opel unit by the end of September, Magna's co-CEO Siegfried Wolf said on Wednesday.
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General Motors' planned disposal of a 65 percent stake in Opel to a consortium led by Magna International could take another six months, a lawyer involved in the process said on Tuesday.
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Magna International said on Wednesday it expected to complete its takeover of Opel in September but the German government made clear the door remained open to rival bidders.
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Magna International said on Wednesday it expected to complete its takeover of Opel in September but the German government made clear the door remained open to rival bidders.
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