Opel Sees Questions On Takeover By Magna As Resolved
June 09 2009 - 7:08AM
Dow Jones News
General Motors Corp.'s (GMGMQ) German unit Adam Opel GmbH
believes the main points for a takeover by Magna International Inc.
(MGA) have been cleared, contrary to media reports, Opel works
council chief Klaus Franz said Tuesday.
"The questions regarding patents has been dealt with," Franz
said. "The questions regarding market entry have more or less been
resolved," as well as pension liabilities that, according to media
reports, amount to about EUR4.5 billion, he added.
Austrian-Canadian car parts maker Magna has teamed up with
Russian automaker OAO GAZ Group (GAZA.RS) and state-controlled OAO
Sberbank (SBER.RS) in its bid for the German company and its
U.K.-based sister brand, Vauxhall.
The governor of the German state of Hesse, Roland Koch, was
confident about a takeover of Opel by Magna despite ongoing
speculation a deal might falter.
"There isn't the slightest reason to assume an agreement won't
be reached," Koch said after a meeting of Opel's works council.
Magna won't only use its technological knowledge and operational
competence, but also puts its reputation as one of the leading car
parts suppliers on the line. "We want an investor which does badly
if they perform poorly here," Koch said. "With Magna, this is the
case."
Company Web site: www.opel.de
-By Katharina Becker, Dow Jones Newswires, +49 69 29725 500,
katharina.becker@dowjones.com