Saturday April 25, 09:27 PM
Germany to talk with Magna on Opel stake: report
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BERLIN (AFP) - Germany will hold talks in the coming days with Canadian auto parts maker Magna International on taking a stake in General Motors (NYSE: GM - news) ' European unit Opel, the Der Spiegel magazine said Saturday.
"Magna is a potentially interesting partner," it quoted Economy Minister Karl-Theodor Zu Guttenberg as saying, in a report to appear in its next issue on Monday.
"We are of course going to examine seriously" the possibility of Magna acquiring a stake in Opel, he said, adding that he would be meeting Magna representatives "at the beginning of next week."
On Friday, the head of the regional government in Hesse, where Opel is headquartered, cited Magna as well as Italian automaker Fiat (Milan: F.MI - news) as a possible investor in Opel.
Founded in 1954 by Frank Stronach, an immigrant to Canada from Austria, Magna calls itself "the most diversive automotive supplier in the world," supplying virtually every major automaker -- including Opel.
General Motors, fighting for its own survival, is looking for an investor in Opel with a view to eventually spinning it off. In a statement on Friday, Fiat affirmed it has made no offer so far for Opel.
The Suddeutsche Zeitung newspaper, citing Opel officials whom it did not name, said Opel -- while not rejecting a tie-up with Fiat out of hand -- views Magna as "a better solution."
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