Russian prime minister Vladimir Putin has hit out at General Motor’s decision not to sell Opel/Vauxhall to Magna.
Putin, speaking through his spokesman Dmitry Peskov, said the deal had already been approved by GM, and Russia would now be studying the legal ramifications of GM’s decision.
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“GM has earlier passed its European division into management of a trust, which practically approved the deal, and further decisions were within the competence of this trust,” he said. “In this respect, the decision taken by the GM board of directors’ causes concerns.”
Magna’s funding partner for the deal was Sberbank, a Russian state owned bank. Between Magna and Sberbank, they were expected to take a 55 per cent stake in Opel/Vauxhall before GM pulled out, citing improved business conditions.
Putin said Russia would be taking advice on how best to proceed and warned GM that it was unhappy with the way it has conducted its business.
“According to the available reports, the consortium intends to hold consultations and a detailed legal analysis of the current situation,” he said. “The Russian government does not participate in this work.”
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Re: Putin hits out at GM
I don't think the GM reputation will be that badly damaged. UK & US city boys are still buying their Porsches in spite of that company's financial blinder that slaughtered many a hedge fund manager.
Re: Putin hits out at GM
Wouldn't like him sore at me. Wonder if he still has access to the old Bulgarian Brolly.
Re: Putin hits out at GM
Putin's just sore that the Russians can't get some more western technology on the cheap, as you can bet that any agreement about restricting proliferation would not have held-up in the mid- or long-term. Having been thwarted he will do the only thing he ever thinks of - revenge and getting even in some way. The West needs to be very wary and careful when dealing with this man, he is a true product of the Cold War and proud of it.