UPDATE:Sberbank CEO: Opel Stake Isn't Strategic, Will Be Sold
05 June 2009 - 2:14AM
Dow Jones News
Russia's largest state-owned bank OAO Sberbank (SBER.RS) will
sell its stake in General Motors Corp.'s (GMGMQ) German unit Adam
Opel GmbH, potentially to a Russian strategic investor, Sberbank's
Chief Executive German Gref said Thursday.
Gref said that Sberbank is not planning on becoming a strategic
investor in Opel. He added that the deal - which the bank is
conducting together with Austrian-Canadian car parts maker Magna
International Inc. (MGA) should be fully completed by the
autumn.
"After we finish structuring the first part of the deal, we will
think about who could be a strategic partner," Gref told
journalists on the eve of Russia's signature economic event of the
year, the St. Petersburg Forum, which lures each year top political
dignitaries, chief executives from some of the largest Western
companies and about 2,000 investors.
Gref said that both Sberbank and Magna will commit some EUR500
million to Opel, which will be divided proportionally to their
stakes.
"Proportionally, we have 35%, they have 20%," Gref said. The
former economic minister also said that the Opel deal includes
Russian rights to Chevrolet, the best selling foreign brand in the
country.
The chief goal behind the Opel deal is "to help restructure
Russian assets," which are affected by the General Motors'
bankruptcy, Gref said. He also added that it is difficult to say
how many jobs will be lost due to the overall restructuring of
Opel. He said that job losses should "not be large" in Germany, but
may affect more people in other countries where Opel has
factories.
"All depends on the market situation," Gref said. He added that
Magna will draw up the strategy for Opel's restructuring.
Company Web sites: www.sberbank.ru; www.gm.com
Forum Web site: www.forumspb.com
-By Lidia Kelly, Dow Jones Newswires; +7 985 998 4279;
lidia.kelly@dowjones.com