Opel stake could give Russian automaker an injection of "know-how"
If you tried telling us even as recently as a year ago that General Motors would be forced to sell its European assets and that a partnership between a Canadian parts supplier and a Russian bank would step up to take the stake, we'd have probably raised a few eyebrows. But such is the state of the General and the industry at large, with Magna and Sberbank looking poised to take a big chunk of Opel of GM's hands. The question everyone is asking, however, is what the Russian state bank wants with the German automaker.According to emerging reports, the Russian financial institution could be preparing to pass on its share of the Opel shares to Russian automaker Gorkovsky Avtomobilny Zavod (GAZ). It's no great secret that the auto industry in Russia has failed to advance at the same rate as the rest of the world, and both the Russian federal government and Russian automakers like GAZ are keen to take their products into the, err... present. Taking advantage of Opel's technologies could be the winning ticket. In addition to the Opel stake, the deal also reportedly includes the purchase of GM's assembly plant in St. Petersburg for a princely $92 million.
[Source: Automotive News Europe – Sub. Req.]
Reader Comments (Page 1 of 1)
Mr.Oak 7:25AM (6/09/2009)
They'll just uglify every Opel that they get their hands on.
Just yesterday, I watched a video of a Russian "assembly line". Igor was swinging a 10lb mallet, trying to get the door (of a new car) to fit. I know better shade tree mechanics.
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Motor_Yakuza 8:24AM (6/09/2009)
Great, give the russians german know how and they start a cold war.
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DasBoese 8:52AM (6/09/2009)
What's with dumb the anti-russian comments? "Igor, cold war, hurr hurr" Yeah, funny.
Personally, seeing the success other automakers have had with taking over former east-european manufacturers (Dacia, Skoda), I don't see why this shouldn't be a great opportunity. If they do it right, it could be a good deal for both sides, GAZ gets updated products, Opel and Magna get a new cheap parts supplier.
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Val 3:48PM (6/09/2009)
What do you predict would be the outcome of Dacia taking over renault 5 years ago? Or Skoda taking over VW 15 years ago? Coz this is what is happening right now. The most advanced russian car is a GAZ bult on the old assembly line of Chrysler stratus.... Do you seroiusly think that the russians would manage an auto company better than the germans? Are you high?
Babu Mabu 9:00AM (6/09/2009)
There is nothing good if state bank of any country is involved in buying private business. Something fundamentally wrong with the financial world if only state bank is really the institution that have some money. Russian or not Russian does not matter too much. State banks do not have expirience in running car company
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Val 3:49PM (6/09/2009)
What the hell is wrong with the somments system again?
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RLQ 7:05PM (6/09/2009)
Opel Mig?
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