Magna International Inc.

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  • Oct. 13, 2009, 8:54 AM
    GM CEO Fritz Henderson says it's "quite possible" the company will finalize the €5B sale of its European arm Opel to a Magna-led (MGA) consortium this week. Henderson also says GM plans to conduct an IPO in the second half of 2010.
    | Oct. 13, 2009, 8:54 AM
  • Sep. 29, 2009, 8:26 AM

    GM's planned sale of Opel to a group led by Magna (MGA) faces fresh uncertainty after Spain urges European regulators to investigate the agreement, and Germany's Free Democrats, consistent critics of the deal, are poised to clinch a powerful position in Germany's new government. "This deal is not as near to completion as many people are trying to present," one auto analyst says.

    | Sep. 29, 2009, 8:26 AM
  • Sep. 28, 2009, 12:24 PM

    Election results in Germany indicated a slight rightward move to a center-right coalition, a win for Chancellor Angela Merkel with noticeable effects: Nuclear plant operators gain and solar stocks decline. Meanwhile, Merkel's designated coalition partner will likely approve of Magna International's (MGA) purchase of Opel from GM.

    | Sep. 28, 2009, 12:24 PM
  • Sep. 14, 2009, 9:06 AM
    European countries aren't the only ones worried about German aid for Magna's (MGA) Opel deal. An Opel trustee says €600M+ ($876M) of aid is earmarked "to modernize the Russian automotive industry," which means "German expertise will soon be transferred to Russia and jobs will be cut here later."
    | Sep. 14, 2009, 9:06 AM | 1 Comment
  • Sep. 14, 2009, 8:28 AM

    GM may finally have accepted Magna's (MGA) Opel bid, but the long-delayed deal still isn't in the clear. Germany's plan to provide €4.5B ($6.5B) in state aid has other European countries worried about favored treatment for GM's German plants and workers.

    | Sep. 14, 2009, 8:28 AM | 1 Comment
  • Sep. 10, 2009, 5:38 PM

    Ford (F) Chairman Bill Ford isn't concerned that his key supplier Magna International (MGA) is becoming a competitor by buying Opel from GM: "They clearly said they’ll respect our intellectual property and I believe them." Meanwhile, over at GM: Chairman Ed Whitacre in new ads and 60-day money-back guarantees.

    | Sep. 10, 2009, 5:38 PM
  • Sep. 10, 2009, 10:01 AM

    GM agrees to sell a 55% stake in the New Opel to the consortium of Magna International (MGA) and Sberbank; GM will retain 35% and employees will get 10%. In coming weeks, GM will finalize the terms of the deal's financing package from the German government. (PR)

    | Sep. 10, 2009, 10:01 AM
  • Sep. 10, 2009, 9:18 AM
    Germany's Merkel says she welcomes GM's decision to sell Opel to the Magna International (MGA) led consortium.
    | Sep. 10, 2009, 9:18 AM
  • Sep. 10, 2009, 7:38 AM

    Caving in to pressure from the German goverment, GM will favor the Magna International (MGA) led group as a buyer for Opel, sources say. GM will discuss the decision at a press conference at 10 a.m. EDT in Berlin. (earlier)

    | Sep. 10, 2009, 7:38 AM
  • Sep. 10, 2009, 5:20 AM
    After a two-day board meeting, GM is reportedly ready to decide the future of its Opel unit, though sources couldn't shed any light on whether that decision will be to keep the unit or sell it. Magna (MGA) says it's open to working with GM even if its bid fails.
    | Sep. 10, 2009, 5:20 AM
  • Sep. 2, 2009, 10:06 AM

    RHJ International's (RHJIF.PK) new Opel offer isn't just improved - it's also well played. The new terms will make it harder for Germany to keep cheerleading Magna International's (MGA) bid, while giving GM the perfect excuse to keep stalling a decision.

    | Sep. 2, 2009, 10:06 AM
  • Aug. 29, 2009, 3:40 PM
    GM's opposition to the Magna (MGA) bid for Opel is because of Russian participation in the deal, Der Spiegel says. The U.S. government - which owns 60% of GM - is worried a deal would jeopardize GM's position in the Russian auto market, and "even 20 years after the end of the Cold War, 'selling off to the Russians' is still perceived by many as a humiliation."
    | Aug. 29, 2009, 3:40 PM | 4 Comments
  • Aug. 26, 2009, 11:56 AM

    As GM considers taking its Opel and going home - though it may be a game of chicken with Germany, who'd like to preserve Opel jobs - Ford's (F) European chief clarifies it has no interest in keeping Volvo. Ford has explored whether the loser in Opel bidding, Magna International (MGA) or RHJ International (RHJIF.PK), might be interested in its Swedish asset.

    | Aug. 26, 2009, 11:56 AM
  • Aug. 24, 2009, 7:15 AM
    GM's failure to choose an Opel buyer on Friday has angered many German leaders. Reiterating her support for Magna's (MGA) bid, Chancellor Angela Merkel says a decision is 'urgently' needed.
    | Aug. 24, 2009, 7:15 AM
  • Aug. 22, 2009, 5:35 PM

    Sources familiar with Friday's GM board meeting say the board rejected management's plan to partner with the Magna (MGA) consortium, expressing concerns over the German-led financing plan that was seen to weigh against a rival bid by RHJ International (RHJIF.PK). The surprise rejection reawakens the prospect GM may place Opel in insolvency in the hope of keeping it intact.

    | Aug. 22, 2009, 5:35 PM | 2 Comments
  • Aug. 21, 2009, 3:59 PM
    Bloomberg reports no decision from GM today on a winning bid for its Opel unit. The company's board had planned to settle on a buyer from Magna International (MGA) and RHJ International (RHJIF.PK).
    | Aug. 21, 2009, 3:59 PM
Company Description
Magna International Inc is an automotive supplier. Its product capabilities include chassis, interior, exterior, seating, powertrain, electronic, vision, closure and roof systems and modules and complete vehicle engineering and contract manufacturing.
Industry: Auto Parts
Country: Canada