Magna International - egmCarTech

BREAKING: GM board of directors decide to keep Opel

Posted: Nov 03, 2009

Filed under: Breaking, GM, Industry News, Opel

General Motors’ board of directors said today that it will keep Opel and restructure it, putting an end to plans to sell the brand to Magna International. GM said that it expects the restructuring of Opel to cost 3 billion euros ($4.42 billion USD), which it says lowers the costs associated with outside bids for [...]

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Report: Germany to reconsider Opel sale, may let it stay with GM

Posted: Oct 27, 2009

Filed under: GM, Industry News, Opel

According to a report by Frankfurter Allgemeine Zeitung, Germany’s new government will take a new look at the sale of General Motors’ Opel unit to Magna International and may consider an arrangement where the brand remains with GM.
“The new government will take another look at decisions made up to now on Opel and imminent conditions [...]

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GM to sign off on Opel sale on Thursday

Posted: Oct 13, 2009

Filed under: GM, Industry News, Opel

According to sources close to the negotiations, General Motors Company will sign a deal on Thursday to sell a majority stake in Opel to Magna International. It was confirmed about a month ago that under a new deal, Magna and Sberbank will own a 55 percent stake in Opel, while GM will hold a 35 [...]

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Mercedes sticks to Magna, gives supplier SLS AMG body order

Posted: Oct 08, 2009

Filed under: Daimler, Industry News, Mercedes-Benz

Magna International has received an exclusive order from Daimler AG to build the new Mercedes-Benz SLS AMG, a sign of faith that the Canadian company’s fifth-largest customer will not pull business from it as it plans to take over Opel.
Magna said that its Magna Steyr unit based in Austria’s Graz, where the Mercedes-Benz G-Class is [...]

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Porsche threatens to cancel Magna contract to build next-generation Boxster and Cayman

Posted: Sep 25, 2009

Filed under: Industry News, Opel, Porsche

Porsche has threatened to pull its existing contract with Magna to build the next-generation Boxster and Cayman in Austria starting in 2013. The Stuttgart automaker said that it may instead move production to Karmann in Germany. The move comes as Porsche aims to guard its engineering and production cost secrets for its upcoming roadster and [...]

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Magna could cut as many as 10,500 jobs at Opel

Posted: Sep 14, 2009

Filed under: GM, Industry News, Opel

According to Magna’s co-chief executive Siegfried Wolf, Magna International plans to cut as many as 10,500 jobs at Opel in Europe, with nearly half of those coming from Germany.
Speaking to reporters at a press conference earlier today, Wolf said that the cuts were a part of the Canadian company’ plans for Opel.
GM announced last week [...]

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BREAKING: GM to sell 55% of Opel to Magna

Posted: Sep 10, 2009

Filed under: GM, Industry News, Opel

After months and months of debates and discussion, GM has finally announced today what it plans on doing with Opel. The Detroit automaker said that under a new deal, Magna/Sberbank will own a 55 percent stake in Opel, while GM will hold a 35 percent stake and employees will receive a 10 percent stake.
GM said [...]

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GM wants to get Opel sale done quickly, RHJ improves bid

Posted: Aug 12, 2009

Filed under: GM, Industry News, Opel

General Motors Company has no intention of reopening the sale process for its Opel brand and wants to complete a deal with one of the two remaining bidders as soon as possible. CFO Ray Young said yesterday that the automaker is looking to wrap up the sale as quick as possible even though GM’s financial [...]

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Report: Beijing Automotive makes an offer for GM’s Opel brand

Posted: Jul 03, 2009

Filed under: GM, Industry News, Opel

Chinese automaker Beijing Automotive (BAIC) has reportedly submitted a bid to buy a stake in General Motors’ Opel brand. The move challenges Canadian auto parts supplier Magna’s bid, which has reportedly been on the rocks as of recent. Sources familiar with the matter told Reuters, that BAIC submitted an indicative, non-binding offer for Opel and [...]

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Marchionne says current bid for Opel is the best it can offer

Posted: Jun 27, 2009

Filed under: Fiat, GM, Industry News, Opel

Fiat CEO Sergio Marchionne said that it’s existing bid for Opel was the best it could offer. His statement comes following conflicting reports about the status of Magna International’s deal to buy Opel for General Motors.
“I don’t believe we could improve Fiat’s offer. It’s the most rational one we can put forward from an industrial viewpoint,” [...]