Business News

Jul 6, 2009, 15:18 GMT

Magna board to approve planned Opel deal as early as next week

Vienna - Canadian car parts supplier Magna is pushing ahead with its plan to seal the takeover of German car-maker Opel by mid-July, as a source close to the deal said Monday Magna's board would meet on July 14 on the issue. The source confirmed a report by Austrian daily Wirtschaftsblatt that at that meeting, the board might approve the takeover of the General Motors subsidiary that was launched together with Russian state-owned Sberbank and carmaker GAZ. The paper was quoting Magna board member Franz Vranitzky, a former Austrian chancellor, in its Tuesday edition. The group's European branch has its headquarters in Oberwaltersdorf, south of Vienna. GM Europe's chief executive Carl-Peter Forster said that only details of the deal remained to be resolved, in an interview with Frankfurter Allgemeine Zeitung published on the weekend. However, German Economics Minister Karl-Theodor zu Guttenberg struck a more cautious note when he told the WAZ media group for its Monday editions that so far, there was only a statement of intent by Magna and GM. Meanwhile, China's Beijing Automotive Industry Holding Company (BAIC) has reportedly launched a last-minute attempt to convince German government members of its Opel bid.

And Also

Look Back at the Worst Celebrity Breakups

Look Back at the Worst Celebrity Breakups - PopEater
GASP: Goldstriker creates world's most expensive iPhone - The Tech Herald
Tekken-Clone World Of JingWu Costumes And Mini-Games Updated - Cinema Blend
Brad Pitt's New Orleans Project Gets Mixed Reviews - PopEater
A&E series 'Hoarders' and 'Intervention' premiere Monday, Nov. 30th, preview

Your Talkback on this Story

Similar articles

General Motors to cut about 9,000 jobs in Europe (Roundup)
General Motors to cut up to 9,500 jobs in Europe
Losses mount at Porsche before absorption into Volkswagen
Chief executive of German truckmaker MAN quits (Roundup)
Chief executive of German truckmaker MAN to quit

Latest Headlines in Business

Older Talkback

Business: Index

: News; Features; Currency Conversion

Latest Pics

From Sites we Like

Man steals kettle from Salvation Army bellringer. Subby would have prefered he just took the bell [Asinine]
And at halftime, the score is Geeses 2; Hunters 0 [Cool]
The city of Las Vegas has 50,000 doses of H1N1 vaccine going to waste because they refuse to open up vaccinations to non-priority groups after priority groups have all been vaccinated [Asinine]

More Not News from Fark

In Monsters and Critics

: Arts; Books; DVD; Gaming; Lifestyle; Movies; Music; News; People; Science & Nature; Sport; TV; Archives
Other Languages and Sites: Deutschland (Monsters and Critics); The Tech Herald; Free Games

Entertainment: Arts; Books; DVD; Gaming; Movies; Music; People; Soundtracks; TV
Media: Celebrity Photos; Movie Pictures; Movie Trailers; Movie Posters; Theatre Stills; Celebrity Video; Music Video
Released this week: Movies - USA; Movies - UK; DVD - USA
Distractions: Online Games; Daily Crossword; Sudoku Classic; Daily Jigsaw

World News: US; UK; Americas; Europe; Middle East; Asia Pacific; South Asia; Africa; Business; Education; Health
Science and Tech: Science and Nature; Technology
Lifestyle: Autos; Fashion; Life; Travel

Corporate

: About; Advertise; Contact; The Team; Vacancies; Privacy; RSS; Site Map; Terms; Webmasters

The Fine Print

© 2003 - 2009 by Monsters and Critics.com, WotR Ltd. All Rights Reserved. All photos are copyright their respective owners and are used under license or with permission. * Note M&C cannot be held responsible for the content on other Web Sites.

Servers supplied by Servint