Merkel in favor of the Magna-Sberbank consortium Opel bid
MUNICH, Germany — Speaking at joint press conference at the German-Russian Dialog in Munich, Germany, Chancellor Angela Merkel said the German government will do all possible to ensure that the ‘currently open questions’ on the acquisition bid offered by Canada’s Magna International and Russia’s Sberbank for the embattled GM’s Opel brand will be resolved soon. “The Magna-led consortium is displaying some fine approaches to the deal, which on one hand, offer good opportunities for Opel, and on the hand, will enable the automaker to establish a strategic partnership with Russia,” she added.
The Magna-Sberbank consortium signed a memorandum of understanding with GM and German government in June to acquire a 55% stake in the Germany-based Opel in exchange for an investment of 700mln.euros. The stake is to be split between Magna and Sberbank at 20% and 35%, respectively.
The German government’s official tentative endorsement of the deal will be a ‘melodious song’ to the ears of the owners of the Magna-led consortium, especially against the background of a strong competitive bid from another suitor, the Belgium-based RHJ International, which, according to the German Economic Minister Johann Homann, has offered ‘more or less the same terms’ for the carmaker.
Expectedly, such positively pro-Russia stance on the deal by the German chancellor was well received by Russian President Dmitry Medvedev at the press conference, noting that the Russian government is looking at the future perspective of the Opel deal with huge optimism. “We are looking at this transaction with a huge interest and, therefore, will also do everything at our disposal to push for its practical realization.”
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