Putin Says Magna Asked GAZ to Bid
Canadian auto-parts maker Magna has asked GAZ to make a bid for a stake in General Motors' German carmaking unit, Opel, Prime Minister Vladimir Putin said.
"Canadian-Austrian company Magna asked Russian financial institutions and GAZ to make a proposal to Opel," Putin said, according to an interview with Japanese media.
Putin said Russia would not intervene in the possible deal, which German daily Rheinische Post reported Friday could be part of a plan to create a car giant producing up to 5 million vehicles a year.
Rheinische Post reported that Magna and the two Russian companies have a proposal, dubbed project "Beam," under which they would take over Opel to sell 1 million cars a year to the Russian market. Magna will present the proposal to the German direction on May 20, the report said, citing company sources.
"Canadian-Austrian company Magna asked Russian financial institutions and GAZ to make a proposal to Opel," Putin said, according to an interview with Japanese media.
Putin said Russia would not intervene in the possible deal, which German daily Rheinische Post reported Friday could be part of a plan to create a car giant producing up to 5 million vehicles a year.
Rheinische Post reported that Magna and the two Russian companies have a proposal, dubbed project "Beam," under which they would take over Opel to sell 1 million cars a year to the Russian market. Magna will present the proposal to the German direction on May 20, the report said, citing company sources.
