sberbank


BREAKING: GM board recommends coughing up 55% Opel stake to Magna, Sberbank

Finally, after what seems like an eternity of protracted negotiations, bickering and stalling tactics, General Motors has agreed to sell a majority stake in its European operations to Magna International and its Russian financial partner Sberbank. Under the terms of the deal, 55% of Opel and Vauxhall will be owned by Magna/Sberbank; The General will hold on to a 35% stake and employees of the two companies will hold the final 10 percent. Naturally, the European automakers will continue to offer the recently redesigned Astra and Insignia, ... Read more →

GM issues a 'No-Decision' on fate of Opel, German government not happy Jonathon Ramsey

General Motors was meant to decide who would be the winning bidder for Opel last Friday. But it didn't. Instead, GM asked the German government for more information on federal financial assistance ...

Opel fate still up in the air as Russian involvement reportedly complicates Magna offer Sam Abuelsamid

Over on General Motors' Europe "Driving Conversations" blog, VP John Smith has posted an update on the company's negotiations to sell a majority stake in Opel and Vauxhall. Although no final decision ...

Beijing Automotive bids for Opel; Magna still expected to close deal Jonathon Ramsey

Even though Beijing Automotive (BAIC) tendered a non-binding offer for Opel, the company is said to have no chance of actually acquiring the brand. General Motors is still in talks with Magna and its ...

Marchionne confirms Fiat still interested in Opel Jonathon Ramsey

Fiat CEO Sergio Marchionne, watching the travails of GM, Opel and Magna from his comfy Italian perch, has sent word that his previous offer for Opel is still on the table if anyone is interested. That ...

GM worried about Magna deal for Opel, sign backup deal with RHJ, Beijing Automotive 5 months ago on Autoblog

When it came to buying Opel, Fiat's Sergio Marchionne told GM and the German government: "If you have a better offer, take it." They both took Magna, along with its Russian partners Sberbank and GAZ, because that consortium offered a better competitive arrangement and fewer job cuts in Germany. The ...

REPORT: Opel to cut prices 40% in order to save jobs? 6 months ago on Autoblog

Sometimes deals get made, and then the dealmakers have to employ some pretty creative tactics to get the terms to work. Magna's deal for Opel included taking €1.5 billion in short term loans from the German government, the string attached being that Magna had to guarantee German jobs. Saving ...

Opel stake could give Russian automaker an injection of "know-how" 6 months ago on Autoblog

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 ...






Autoblog Podcast #157: Mike Levine trucks along with us.

Mike Levine from PickupTrucks.com joins Chris, Sam, and Dan this week and gets a chance to talk about cars, too! 

 
 

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