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35 matches for 'magna'

• GERMANY: Carmakers happy for Opel to stay within GM

  —Daily automotive news and comment

  European carmakers have welcomed General Motors' decision to hang on its European Opel and Vauxhall brands rather than sell them to the consortium led by Canadian supplier Magna International and Russia's Sberbank.' [...]

  Posted: November 13, 2009, 8:07am EST
  

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• RUSSIA: Sberbank could sue GM over Opel

  —Daily automotive news and comment

  Russia's Sberbank is reportedly considering suing GM for abruptly cancelling its plans to sell Opel to a Magna-led consortium of which it was part. [...]

  Posted: November 11, 2009, 7:01am EST
  

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• GM Executive VP Nick Reilly named interim CEO at Opel/Vauxhall

  —Autoblog

  

  Filed under: Europe, Hirings/Firings/Layoffs, GM, Opel, Vauxhall

  
  
  It's been one heck of a week for Opel. After months of negotiations between Magna and its partners on the one hand and General Motors on the other, the American parent company opted [...]

  Posted: November 10, 2009, 5:30pm EST
  by Noah Joseph

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• Berlin, Magna, Sberbank: We Want Our Money Back!

  —The Truth About Cars

  Number of comments: 8
  Magna and Sberbank want their money back. Everything they had so far invested into Opel needs to come back from GM, says Das Autohaus in Germany.” We are in negotiations with GM and we hope that we don’t have to go to court “, said Sberbank boss German Gref. “If [...]

  Posted: November 10, 2009, 12:27pm EST
  by Bertel Schmitt

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• GM Decides Opel Not For Sale

  —AutomoBlog

  

  
  

  Looks like the on again/off again sale of General Motor’s long held Euro-brand Opel is now definitely off, and The General will not be selling the company off to Magna. What makes this really odd is that the deal was nearly [...]

  Posted: November 10, 2009, 11:57am EST
  by Tony Borroz

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• GERMANY: Henderson mending fences as Opel fallout continues

  —Daily automotive news and comment

  GM CEO Fritz Henderson is in Germany to attempt to repair relations with those in Germany, especially the government, who were upset that GM decided not to sell a majority stake in Opel to a Magna-led consortium. [...]

  Posted: November 10, 2009, 7:07am EST
  

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• Magna Hearts GM

  —The Truth About Cars

  Number of comments: 5
  After scraping by owning Opel together with alleged Russian mobsters, Magna has given up aspirations of being a car company. Magna wants to “focus on its core competencies,” and will continue to be a supplier and contract manufacturer. This is what Magna’s Co-CEO Siegfried Wolf said to Germany’s Handelsblatt. Magna’s cozying-up [...]

  Posted: November 09, 2009, 6:12pm EST
  by Bertel Schmitt

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• GM seeking Russian production deal with Magna, GAZ

  —Leftlane News

  Number of comments: 9
  General Motors and Magna International aren’t exactly on the best terms now that the Detroit automaker has changed its mind about selling its German unit, Opel, to the Canadian supplier. But that’s not stopping GM from seeking a new, much smaller deal that would see it tying up with Magna [...]

  Posted: November 09, 2009, 8:58am EST
  by Andrew Ganz

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• RUSSIA: Magna, GM, GAZ 'in talks' over Russia plant

  —Daily automotive news and comment

  Despite the collapse of Magna's proposal to acquire a majority stake in Opel/Vauxhall, Magna is in talks with GM and Russia's GAZ Group over building a vehicle assembly plant in Russia, it is reported in Russia. [...]

  Posted: November 09, 2009, 8:19am EST
  

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• GM Tries To Salvage Opel-Magna-Sberbank-GAZ Deal

  —The Truth About Cars

  Number of comments: 10
  Wasn’t losing their precious intellectual property to the Rooskies the biggest beef GM had with the Opel-Magna-Sperbank deal? Wasn’t it clear that Sperbank wanted to sell its shares to GAZ? Wasn’t GM trying to block this deal by inserting a buyback clause? Now that GM has decided to keep Opel, [...]

  Posted: November 08, 2009, 9:03pm EST
  by Bertel Schmitt

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• GM And Opel: The Winds Of War

  —The Truth About Cars

  Number of comments: 9
  When GM’s Fritz Henderson called Magna chief Siegfried Wolf and told him that GM had an irreversible case of seller’s remorse, Wolf’s flabbergasted counter was: “Are you joking?” Fritz told him he’s dead serious. Opel will stay with GM. Now, all Wolf has left for GM is unsolicited advice: Give [...]

  Posted: November 08, 2009, 2:16pm EST
  by Bertel Schmitt

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• REPORT: Lutz to step in as interim Opel chairman

  —Autoblog

  

  Filed under: GM, Opel, Vauxhall

  
  
  Just hours before General Motors announced that it wasn't going to sell Opel, GM Europe head Carl-Peter Forster said publicly that Opel would be better off under the control of Magna. Talk about bad timing. Now' [...]

  Posted: November 08, 2009, 9:03am EST
  by Chris Shunk

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• Magna focusing on core business after Opel saga

  —Automotive News - China automotive sales and production, suppliers and OEM in Chinese market, China's homegrown players and their expansions overseas.

  Magna International Inc is not looking at taking over any other automakers following the collapse of its deal to buy a stake in General Motors Co's European operations, the auto parts maker's co-CEO, Don Walker, said on Thursday. [...]

  Posted: November 06, 2009, 5:25pm EST
  

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• Opel boss to depart following failed Magna takeover

  —Leftlane News

  Number of comments: 21
  Following General Motors failed sale of Opel to Magna International, Opel head Carl-Peter Forster will reportedly step down from his post. General Motors announced earlier this month that it would retain its German Opel brand despite months of negotiations with Canada’s Magna International. According to Spiegel Online, Forster has decided to [...]

  Posted: November 06, 2009, 12:35pm EST
  by Drew Johnson

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• Breaking: Bob Lutz To Be New Chairman of Opel

  —The Truth About Cars

  Number of comments: 33
  Spiegel Online reports that Bob Lutz will be named Chairman, and head of the Supervisory Board of Opel. Carl-Peter Forster, who threw in his hat with the Magna buy-out, resigned on the news that GM intends to keep Opel. Forster, the first German to head Opel in decades, was seen [...]

  Posted: November 06, 2009, 12:13pm EST
  by Paul Niedermeyer

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• GERMANY: Forster quitting Opel - reports

  —Daily automotive news and comment

  Opel chief Carl-Peter Forster is leaving the company after the surprise decision by GM's board this week to block the sale to a Magna-led consortium, Spiegel Online reported on Friday. [...]

  Posted: November 06, 2009, 6:10am EST
  

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• CANADA: Magna books surprise Q3 profit, returns to core business

  —Daily automotive news and comment

  Magna International has reported a surprise third quarter operating income of US$81m, net income of $51m and earnings per share of $0.45, increases of $193m, $266m and $2.38, respectively, year on year, benfiting from cost cutting an restructuring started last year as the credit crisis hit the auto sector. Total [...]

  Posted: November 06, 2009, 6:06am EST
  

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• CANADA: Magna won't pursue GM for compo

  —Daily automotive news and comment

  Magna does not plan to seek compensation from General Motors after its decision not to sell subsidiary Opel to a consortium headed by the Canadian based supplier. [...]

  Posted: November 06, 2009, 5:07am EST
  

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• Opel Workers Set to Strike, Germans Recalling $2.2B Bridge Loan

  —The Truth About Cars

  Number of comments: 20
  GM’s last minute (i.e. post-German election) decision to pull out of a deal to sell its European Opel division to a consortium lead by Canada’s Magna Corporation has left chaos in its wake. The Associated Press reports that Opel workers throughout Europe are planning to strike GM on Thursday, protesting [...]

  Posted: November 04, 2009, 9:36am EST
  by Robert Farago

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• Breaking: GM Does a 180; Decides to Keep Opel

  —The Truth About Cars

  Number of comments: 41
  Two days ago, TTAC’s Bertel Schmitt wrote: “GM may not have to sell Opel after all”. How right he was. In the latest twist on the endless Opel saga, GM’s Board of Directors has canceled the planned sale to Magna and Sberbank. With references to an an improving economy (and [...]

  Posted: November 03, 2009, 6:06pm EST
  by Paul Niedermeyer

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• Magna’s Demel Ready to Take Opel Helm

  —The Truth About Cars

  Number of comments: 6
  The sale of GM’s Opel to Magna/Sberbank  is being mulled-over in Brussels (decision by November 27, maybe.) Sperbank’s Oligarch Oleg Deripaska finally was allowed to enter the United States after his visa was denied because of mob-related suspicions. He finally met Fritz Henderson, and some FBI agents. There is talk [...]

  Posted: November 01, 2009, 11:04am EST
  by Bertel Schmitt

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• LeMons Madness Level Gets Kicked Up A Few More Notches: V65 Magna-Powered Honda Z600! [Engine Swap]

  —Jalopnik

  Number of comments: 63
  Did you think the LeMons-winning CBR900RR-powered Geo Metro Gnome is a good idea? Well, then you're going to love this car, which is even now being prepared for next month's Arse Freeze-a-Palooza...' [...]

  Posted: November 01, 2009, 11:00am EST
  by Murilee Martin

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• What’s Wrong With This Picture?: The Company You Keep Edition

  —The Truth About Cars

  Number of comments: 11
  Russian oligarch Oleg Deripaska meets with Fritz Henderson, German Gref of Russia’s Sberbank and Siegfried Wolf of Magna. The state department had previously denied Deripaska a US visa for undisclosed reasons, but according to the WSJ, the FBI arranged for Deripaska to visit the US because “they were getting interesting [...]

  Posted: October 30, 2009, 5:10pm EDT
  by Edward Niedermeyer

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• Opel Workers: Can We Do This Deal Already?

  —The Truth About Cars

  Number of comments: 3
  GM’s sale of Opel to Magna/Sberbank is being held up by the European Union, which is looking into whether the German government unfairly favored Magna’s bid. But while the interregnum plays out (the EU will decide by November 27th), GM has plenty of time to develop a case of seller’s [...]

  Posted: October 30, 2009, 12:36pm EDT
  by Edward Niedermeyer

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• UK: Britain closer to Vauxhall finance deal

  —Daily automotive news and comment

  British business secretary Peter Mandelson has said Britain was closer to agreeing finance package to support Magna's takeover of General Motors operations in Europe. [...]

  Posted: October 30, 2009, 7:24am EDT
  

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• GERMANY: New minister plays down Opel review

  —Daily automotive news and comment

  Germany's economy minister has distanced himself from comments by a party colleague who had said the new government in Berlin would review the previously agreed sale of General Motors unit Opel to Canada's Magna. [...]

  Posted: October 30, 2009, 7:15am EDT
  

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• SPAIN: Opel workers cancel strikes after Magna deal

  —Daily automotive news and comment

  Labour unions at Opel's Spanish plant have called off four strike days after workers on Monday approved a deal with the Magna International-led consortium bidding for a majority stake in the automaker, a union spokeswoman said. [...]

  Posted: October 28, 2009, 7:05am EDT
  

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• Spain clears the way for Opel sale

  —Leftlane News

  Number of comments: 5
  General Motors is one step closer to unloading its German Opel brand Spanish workers have approved Magna International’s bid to acquire the ailing auto manufacturer. General Motors and Magna have been working to complete the sale of Opel for several months now. Opel’s Spanish workers have voted to accept Magna’s terms [...]

  Posted: October 26, 2009, 2:38pm EDT
  by Drew Johnson

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• BELGIUM: Opel competition ruling by 27 November

  —Daily automotive news and comment

  The European Commission has given itself until 27 November to rule on whether Magna's purchase of General Motors' European arm Opel poses competition concerns, it said on Monday.' [...]

  Posted: October 26, 2009, 1:10pm EDT
  

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• SPAIN: Opel workers OK Magna plan

  —Daily automotive news and comment

  Workers at the Opel plant in Spain on Monday voted to accept a Magna International plan that would see the loss of 900 jobs, unions have said. [...]

  Posted: October 26, 2009, 12:50pm EDT
  

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