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GM tries to restart deal with Magna
GM tries to restart deal with Magna in Russia
Posted on Monday, November 9th, 2009 at 2:12 PM EST. (Employee News)
General Motors Co. hopes to salvage a key element of the collapsed plan to sell its Adam Opel GmbH carmaker—a three-way production deal in Russia, The Detroit News reported.
The Russian component of the plan seemed doomed after GM decided last Tuesday that it wouldn’t sell a majority stake in Opel to Canadian parts supplier Magna International Inc. and its Russian partner Sberbank, the paper said. But GM officials said last week that they still hoped to negotiate an agreement with Magna and Russian automaker GAZ, the News said.
A source familiar with the situation said GM already has contacted Sberbank, the paper noted. The Russian-controlled bank with strong ties to the Kremlin had agreed to acquire 27.5 percent of Opel and transfer the stake to a Russian automaker, most likely GAZ, the story said. (The Detroit News)
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