German Econ Min:Magna With Interesting Plan For GM's Opel
29 April 2009 - 12:05AM
Dow Jones News
Austrian-Canadian auto parts maker Magna International Inc.
(MGA) has presented a "first interesting, rough plan" for General
Motors' (GM) European unit Adam Opel GmbH, German Economics
Minister Karl-Theodor zu Guttenberg said Tuesday.
Speaking after a meeting with officials from Magna, such as
Co-Chief Executive Siegfried Wolf, zu Guttenberg said that the plan
now requires reliable figures. Media reports have said Magna is
working on a bid to take a majority stake in Opel.
Press reports have also said Fiat SpA (F.MI) is close to a deal
with Opel and it reportedly plans to keep all four Opel plants in
Ruesselsheim, Bochum, Kaiserslautern and Eisenach. The Italian
carmaker's Chief Executive Sergio Marchionne has said he is open to
giving Opel "a hard look" but said Fiat has "nothing to announce"
regarding those reports.
-By Andrea Thomas, Dow Jones Newswires; 49-30-288-8410;
andrea.thomas@dowjones.com