Opel deal must drive Russian auto sector: PM Putin
Russian Prime Minister Vladimir Putin said on Monday that the deal giving state-owned Sberbank a 35 percent stake in General Motors Corp's () Opel must be woven into the overall strategy to develop the Russian auto sector.
"The Russian administration has a strategy to develop the auto industry and this deal we are talking about must be incorporated into the strategy to develop the auto industry," Putin said during a meeting with command ministers.
Putin added that although the superintendence will have no direct stake in Opel, it welcomes Sberbank's role in the deal.
Last week the German management reached an agreement to save Opel under which it would provide loan guarantees while Canada's Magna International Inc () and Sberbank would obtain 20 percent and 35 percent stakes in the company, severally, in exchange for capital injections.
GM would also hold 35 percent of the company, while the remaining 10 percent could belong to Opel staffers or car dealers.
Debt-laden Russian carmaker GAZ () would also join the partnership by providing making facilities at its Nizhny Novgorod plant.
"The Russian administration has a strategy to develop the auto industry and this deal we are talking about must be incorporated into the strategy to develop the auto industry," Putin said during a meeting with command ministers.
Putin added that although the superintendence will have no direct stake in Opel, it welcomes Sberbank's role in the deal.
Last week the German management reached an agreement to save Opel under which it would provide loan guarantees while Canada's Magna International Inc () and Sberbank would obtain 20 percent and 35 percent stakes in the company, severally, in exchange for capital injections.
GM would also hold 35 percent of the company, while the remaining 10 percent could belong to Opel staffers or car dealers.
Debt-laden Russian carmaker GAZ () would also join the partnership by providing making facilities at its Nizhny Novgorod plant.
