Magna, Gaz Russia To Place Opel Bid Wednesday - Source
20 May 2009 - 11:16PM
Dow Jones News
Austrian-Canadian automotive supplier Magna International Inc.
(MGA) and Russian car manufacturer Gaz Russia (GAZA.RS) will place
a joint bid for troubled German carmaker Opel before the offer
deadline expires at 1800 GMT, a person close to the deal told Dow
Jones Newswires Wednesday.
"You can safely assume that Magna and its partners will present
its concept for a takeover of Opel today," the person said,
declining to give further details.
"Even if the deal is successful, Magna will continue to perceive
itself as an automotive supplier, not a car manufacturer," the
person said, thereby indicating that Magna itself doesn't pursue a
majority stake in Opel.
Gaz is Russia's second-largest carmaker. It has previously been
reported that Russia's Sberbank (SBER.RS) would be the primary
financier of a joint bid by Gaz and Magna.
Opel is being sold after its owner, U.S. giant General Motors
Corp. (GM), ran into financial difficulty and was pushed into a
comprehensive restructuring of the company.
-By Flemming E. Hansen, Dow Jones Newswires; +43 1 513 69 22 10;
flemming.hansen@dowjones.com