Saturday May 30, 01:46 AM
German Finance Ministe: Magna wins bid for Opel
BERLIN (AFP) - German Finance Minister Peer Steinbrueck said on Saturday that Canadian auto parts maker Magna was Berlin's preferred bidder for General Motors (NYSE: GM - news) ' Opel unit.
"We have an agreement," Steinbrueck told reporters following marathon talks between top German politicians, US government officials and executives from GM and Magna.
From rags to riches, the man behind auto parts supplier Magna International, which clinched a deal Saturday to buy GM's German unit Opel, arrived in Canada from Austria 50 years ago with just 200 dollars in his pocket.
But in the half-century that followed, Frank Stronach, alias Franz Strohsack, turned a small Toronto tool and die company into one of the world's largest automotive parts manufacturers.
And now after acquiring Opel, the 76-year-old Stronach aims to expand Magna International even further by turning it into a fully-fledged car company.
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