Magna returns to 'core business'

Magna International will not look to take over any other car manufacturers after the deal to buy Opel collapsed.

"We're not looking at any other transactions in that space," said Don Walker, the CEO of the Canadian car parts company.

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GM this week decided against selling its European operations, citing improved business for the u-turn.

"Right now we're focusing back on the core business, which is automotive parts, and we have no discussions going on right now on any other vehicle-type acquisitions," added Walker.

Magna’s shares have risen by 10 per cent following the collapse of the deal and the company reported a surprise increase in third quarter profit.

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