As German government says deal is still possible
16 July 2009

Magna chairman Frank Stronach plans to expand Opel/Vauxhall into Russia and the Far East, should the firm's deal to buy the brand be accepted by GM as he expects.

Stronach aims to complete the deal within two months. Under the terms of the bid submitted to GM, Magna would take a 20 per cent stake in Opel/Vauxhall, with its Russian bidding partner Sberbank taking a 35 per cent stake.

Twitter - follow autocar.co.uk

He also plans to start selling Opel cars in Magna’s native Canada by the end of this year, before switching some production to the country in the coming years.

A condition of Magna’s bid is that it cannot sell Opel vehicles in the US, but Stronach expects some of the terms to change due to the close relationship Magna has built up with GM over their 50 years in partnership.

“I'm a great believer that if you come forward with a good programme, which makes a lot of common sense, that you can always change a few things, said Stronach. “I'm not worried about that. If it makes economic sense you can always change the contracts.”

Meanwhile, the German government has dismissed reports that private equity firm RHJ International has moved ahead of Magna in teh race to buy Vauxhall/Opel.

Jochen Homann, head of the German government's Opel task force, said all candidates were still being considered.

“The report is wrong,” he said. “A decision has not been taken in favour of one or the other bidder.”

See all the latest Vauxhall reviews, news and video

Add your comment

Log in or register to post comments

Find an Autocar car review

Driven this week

  • Lexus LC500
    Car review
    20 October 2017
    Futuristic Lexus LC coupé mixes the latest technology with an old-school atmospheric V8
  • Maserati Levante S GranSport
    First Drive
    20 October 2017
    Get ready to trade in your diesels: Maserati’s luxury SUV finally gets the engine it’s always needed
  • Jaguar XF Sportbrake TDV6
    First Drive
    19 October 2017
    The handsome Jaguar XF Sportbrake exhibits all the hallmarks that makes the saloon great, and with the silky smooth diesel V6 makes it a compelling choice
  • Volkswagen T-Roc TDI
    First Drive
    19 October 2017
    Volkswagen's new compact crossover has the looks, the engineering and the build quality to be a resounding success, but not with this diesel engine
  • BMW M550i
    First Drive
    19 October 2017
    The all-paw M550i is a fast, effortless mile-muncher, but there's a reason why it won't be sold in the UK