Magna International Inc. news stories on Newser

GM Won't Sell Opel After All

Will McCahill — Tue, 03 Nov 2009 19:47:32 CST

General Motors backed out today on a deal to sell Opel, its European arm, to a Canadian parts supplier and its Russian banking partners. The GM board’s move reflects an uptick in the auto business, the Financial Times reports, and will also be a blow to the German government, which...

GM to Sell Opel to Canada's Magna

Matt Cantor — Thu, 10 Sep 2009 09:30:00 CDT

After painfully drawn-out negotiations, General Motors’ board has agreed to sell its Opel unit to Canadian firm Magna International, maintaining a tie that will keep Opel a "a fully integrated part of GM's global product development organization," the company said. The German government, which earlier this year loaned Opel $2....

GM's Opel, Vauxhall Get a Shot at Survival

Matt Cantor — Fri, 29 May 2009 11:48:10 CDT

Canadian auto supplier Magna wants to buy GM’s European brands, offering Opel and Vauxhall a chance at survival, the Wall Street Journal reports. A deal for Opel would need temporary German funding. Angela Merkel’s government is debating putting up some $2 billion—but wants GM and the US Treasury to...

Cerberus Close to Consuming Chrysler

NewsDude — Sun, 13 May 2007 22:10:08 CDT

Private equity firm Cerberus Capital Management is said to have cut a deal to buy Chrysler from DaimlerChrysler. Cerberus has lots of experience in negotiating for assets in the auto industry, having led the buyout of auto parts maker Delphi, which has not yet closed and may yet fall apart.

Russian Billionaire's Plans May Hold Up Chrysler Purchase

Sam Gale Rosen — Fri, 11 May 2007 12:37:16 CDT

A Russian billionaire with possible mob ties plans to buy a major stake in the company that aims to purchase Chrysler. If aluminum magnate Oleg Deripaska does buy the $1.54 billion stake in Magna International, the cash will come in handy for the Chrysler deal. But Oleg's shady past...

DaimlerChrysler Wants Divorce

J. Kelman — Wed, 04 Apr 2007 16:22:48 CDT

DaimlerChrysler is trying to unload its clunky Detroit half, its CEO (and occasional company mascot) Dieter Zetsche confirmed at a shareholder's meeting today. The news, which comes after nearly two months of eager speculation, was a relief to frustrated German shareholders, who have long seen Chrysler as a drag on...