Magna Int'l, Sberbank to invest 500 mln euros in Opel's capital
MOSCOW. September 11. KAZINFORM Canada's Magna International and Russia's Sberbank /Savings Bank/ will invest 500 million euros in the registered capital of the German car manufacturer Opel, Sberbank said in a statement Thursday, Kazinform refers to Itar-Tass.
Opel's current owner, General Motors, found Magna and Sberbank's joint proposal for purchasing a 55% in Opel to be the most promising one from the angle of view of future development of the German company.
The proposal suggests that Magna and Sberbank will split the package fifty-fifty.
General Motors will retain a 35% stake and the remaining 10% shares will go over Opel's labor staff under the terms of a new labor contract.
"The consortium notes with santisfaction that the proposed plan for Opel's development meets the demands specified by General Motors," Magna's Co-Chief Executive Officer Siegfrid Wolf and Sberbank's President Alexei Miller said.
Especial gratitude has been expressed to the German government.
Magna's chairman of the board of directors, Frank Stronach added to this that the corporation will draw a clear line between the business lblock of Magna's spare parts and Opel's operations so as to ensure confidentiality of its clients' intellectual property.
Finalization of the deal will become possible if the main agreements and terms are observed and if finances are made available against the German government's guarantees and endorsement by regulatory organizations, Sberbank said in the statement, Kazinform cites Iatr-Tass. See www.itar-tass.com for full version.