Magna, Sberbank Give Opel 500 Million Euro to Save Jobs
“According to a preliminary plan, we could do with minimal jobs cuts in Germany but would need a bigger restructuring of foreign assets," Sberbank’s CEO Germna Gref was quoted as saying by autocar.co.uk.
Additionally, Gref also revealed that Sberbank won't remain a partner for Opel, with the Russian investor likely to step away after the German unit completes its restructuring process. According to the recently sealed deal, Sberbank controls a 35 percent interest in Opel, while Magna International took over a 20 percent stake.
Media reports are claiming that Sberbank will give up its 35 stake in Opel to a Russian strategic investor, but names are yet to be unveiled. However, sources are pointing to GAZ, a company controlled by Russian businessman Oleg Deripaska who repeatedly emphasized his interest in Opel. Some sources say the stake may also get in the hands of the state controlled Russian Technologies. From this point of view, earlier reports pointing that Magna wants to bring Opel in Russia are apparently true, despite that most officials close to the matter refused to comment on Opel's future.
Igor Shuvalov, Russia's First Deputy Prime Minister, said a few days ago that he knew about Sberbank's plans, but avoided to unveil the name of the future Opel investor. "We in the government knew about the deal, we constantly discussed it with Sberbank but didn't pressure them," he said.